Repsol wraps up purchase of 40% stake in Hecate Energy

Repsol wraps up purchase of 40% stake in Hecate Energy

Spain’s Repsol SA has finalised the acquisition of a 40% stake in Chicago-based solar and storage-focused developer Hecate Energy LLC, clearing the path to enter the US renewables market, it was announced on Tuesday.

Hecate said that it will use the investment to build and commission a portfolio of projects it is developing across the US, including 16.8 GW of solar and energy storage projects in advanced stages of development.

The transaction was closed on June 25, with financial details under wraps.

Announcing the deal agreement in early May, the Spanish multi-energy group said the operation would give it the option to acquire Hecate’s outstanding shares three years after taking the 40% stake.

Hecate is said to have a portfolio of some 40 GW of projects and is further packed with assets located across multiple North American electricity markets, all of which will support Repsol’s debut in the US renewables space and contribute to its goal to become a net zero emissions company by 2050.

Repsol has been operating in the US for over 20 years as an oil-and-gas business.

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Published: 30-06-2021