Spanish oil major Repsol has agreed to sell a 40% stake in US renewables developer Hecate Energy, settling an outstanding dispute.
In 2024, Hecate Holdings – the parent company of Hecate Energy – filed a lawsuit against Repsol to compel the completion of its acquisition of the remaining 60% stake. Hecate Energy’s founders accused Repsol of delaying and obstructing the process, despite a previously agreed-upon deadline outlined in the original deal.
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Repsol expanded into the US renewables market with the acquisition of a 40% stake in solar and energy storage project developer Hecate Energy in May 2021. As per the agreement, Repsol had the option to buy the remaining shares it did not own three years after the deal’s close.
The long-standing legal dispute between Repsol and Hecate was resolved in July 2025, as both parties reached an agreement to settle all outstanding issues. As part of the deal, Repsol agreed to sell its 40% stake to Hecate, enabling both companies to move forward independently and focus on their respective strategic goals.
In the first half of 2025, Repsol posted a net income of €603 million (US$695 million), a 62.9% decline from the same period in 2024. The adjusted income, that specifically measures the performance of the businesses, stood at €1.35 billion (US$1.5 billion), down 36.4% compared to the first six months of last year.
Repsol stated it will continue advancing its growth strategy in the US through ConnectGen, which manages a portfolio primarily focused on onshore wind assets. The company acquired ConnectGen in 2023 from Quantum Capital Group for US$768 million, gaining access to a 20GW pipeline.
