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