Repsol buys stake in Hecate Energy to access US renewables market

Repsol has signed an agreement to acquire 40% of US solar and storage developer Hecate Energy, as part of efforts to diversify its renewables business. The acquisition of a stake in Hecate Energy is Repsol’s first foray into the US renewables market. Chicago based Hecate Energy has a portfolio of renewable projects totalling more than 40GW, out of which 16.8GW are PV projects with energy storage in advanced stages of development. Repsol will have the option of acquiring Hecate Energy’s outstanding shares three years after the closing of this transaction. Founded in 2012, Hecate has so far sold 2.6GW of renewable projects.