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13 May 2021 8:10 GMT Updated 13 May 2021 10:08 GMT in Perth
Spanish giant Repsol has made its first entry into the US renewables market via the acquisition of a 40% interest in solar and battery storage project developer Hecate Energy.
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Repsol did not provide financial details of the transaction, however, it noted it also had the option to acquire Hecate’s outstanding shares three years after the closing of the deal.
Hecate holds a portfolio of more than 40 gigawatts of renewable and energy storage projects that are under development, including 16.8GW of solar projects at advanced stages of development, as well as Hecate Grid a battery platform for energy storage with a capacity of 4.3GW.