Repsol enters US renewables market with investment in solar developer Hecate Energy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Repsol will have the option of buying the remainder of Hecate three years after the initial deal closes. Image: Repsol/Flickr.

Spanish oil major Repsol has made its first foray into the US renewables market with the acquisition of a 40% stake in solar and energy storage project developer Hecate Energy.

Repsol, which will have the option of buying the remaining shares three years after the deal closes, said the transaction will make it a “significant player” in the US solar development market.

Chicago-based Hecate has renewables pipeline of more than 40GW, of which 16.8GW corresponds to PV and storage projects at an advanced stage of development. Most of its assets are located in US electricity markets that are expected to grow significantly in the next decade due to states’ emissions reduction targets.

The company is also involved in Hecate Grid, a battery storage project developer with a capacity of 4.3GW that it formed with InfraRed Capital Partners.

“We are pleased to align ourselves with a major global energy company that is leading the transition to a multi-energy future,” said Hecate Energy chairman David Tohir.

Repsol said the acquisition represents a “substantial leap forward” in the company’s efforts to have 7.5GW installed renewables capacity by 2025 and then 15GW by the end of the decade. The firm has pledged to reach net zero emissions by 2050.

The US is the second renewables market that Repsol has entered outside of Spain after forming a joint venture last year with Ibereólica Renovables Group that will develop more than 1.6GW of clean energy projects in Chile.

Read Next

December 2, 2021
Japanese electrical engineering and software company Yokogawa Electric Corporation has acquired all of the outstanding shares of renewable and distributed energy software company PXiSE Energy Solutions LLC for an undisclosed amount
PV Tech Premium
December 2, 2021
Hit by soaring electricity prices and widespread power outages during a severe cold weather event earlier this year, Texas homeowners have been ramping up rooftop solar and battery storage installs to protect against future blackouts and increase their energy independence.
December 2, 2021
Renewables developer BayWa r.e. has acquired Beacon Solar, the solar distribution division of Beacon, and will look to “cross-sell” solar and roofing products in the near future as it continues to expand across the US.
PV Tech Premium
November 30, 2021
Array Technologies reveals to PV Tech Premium the core motivations behind its US$652m deal to acquire STI Norland, creating what it says is the world’s biggest tracker company, from stronger supply chains to an ability to target more international markets
November 30, 2021
Solar EPC company iSun is investing in US commercial PV project developer Encore Renewable Energy as part of efforts to accelerate its geographic expansion.
November 30, 2021
‘Solar Module Super League’ (SMSL) member Canadian Solar has raised US$150 million through a share offering, with proceeds set to help the manufacturer expand its energy storage arm.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal

PV TECH POWER VOLUME 29 OUT NOW—Get 35% off your first year

Solar’s 2030 blueprint