Repsol to buy stake in Hecate Energy

Repsol to buy stake in Hecate Energy

17 May 2021

Spanish energy company Repsol is set to buy into the US renewables market by acquiring a 40% stake in Hecate Energy, a developer of solar photovoltaic (PV) and battery projects for energy storage.

Based in Chicago, Hecate Energy has a portfolio of renewable projects with a capacity of over 40GW with assets across the US, Canada and Jordan. The portfolio includes 16.8GW of advanced stage solar PV projects and energy storage associated with these assets.

Some of the notable projects of Hecate Energy are the 1.1GW Bonanza solar and storage project in Oregon, the 500MW Cider Solar project in New York, the 500MW Ramsey solar project in Texas and the 500MW Roseland solar project in the same state.

The company alongside InfraRed Capital owns Hecate Grid, a battery platform launched in 2018 for holding energy storage assets. Currently, Hecate Grid has a capacity of 4.3GW.

Repsol said that the deal will help it become a major player in the solar and battery storage development market in the US, by taking part in Hecate Energy’s renewable project development business.

The acquisition is expected to make a significant contribution to Repsol’s goals of low-emission generation capacity and the internationalisation of the renewables business outlined in its 2021-2025 strategic plan.

As per the plan, the Spanish company is targeting 7.5GW of low-emission power generation in 2025 and 15GW in 2030.

For more information please visit EICDataStream.

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