Latham & Watkins Advises Repsol on US Renewables Partnership With Stonepeak

Repsol has announced that it will be joining forces with Stonepeak as its first partner in a portfolio of renewable assets in the United States. Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, has agreed to acquire a 46.3 percent minority stake from Repsol in a 777 MW operating solar and storage portfolio located in New Mexico and Texas. Together with the US$60 million in tax equity previously raised (through Investment Tax Credits, ITC), this transaction values the portfolio of solar plants and batteries at approximately US$795 million.

Latham & Watkins LLP is advising Repsol in the transaction, with an M&A team led by Justin Stolte, Edmond Parhami, Jameson Miller, Matt De Bernardo, Justin Reinking, and Brock Jones. Advice was also provided on tax matters by Eli Katz, Scott Cockerham, and Jacob Nagelberg; on FERC matters by Tyler Brown and James Blackburn; on regulatory matters by Jason Cruise, Les Carnegie, José María Jiménez-Laiglesia, Peter Todaro, Carlos Betoret, and Sara Castiglia; and on finance matters by Cameron Lyons, Carlos Diaz, Tianyu Wang, Miles Primason, and Henry Miller.