Spanish energy company Repsol has acquired a 40% stake in US-based renewable energy developer Hecate Energy.
The deal was announced last month, with Repsol signing a definitive agreement to acquire the stake.
Repsol client and low-carbon generation executive managing director María Victoria Zingoni said: “Hecate’s development acumen and impressive portfolio of late-stage projects pairs well with our strategic objective of becoming a global low-emissions operator.
“They are in an excellent position to deploy thousands of megawatts of zero-emissions grid resources, and we are in an excellent position to help them execute [this].”
Hecate’s renewable energy portfolio has more than 40GW of capacity, including 16.8GW of solar photovoltaic projects and energy storage in advanced stages of development.
Repsol’s investment in Hecate will be used for developing this solar project portfolio.
The solar projects are located in the North American electricity regions of PJM Interconnection, the Electricity Reliability Council of Texas (ERCOT) and the Midcontinent Independent System Operator (MISO).
They are also spread across the Southwest Power Pool (SPP), New York Independent System Operator (NYISO) and Western Electric Coordinating Council (WECC) areas.
Hecate Energy chairman David Tohir said: “Tackling global climate change means accelerating our progress in deploying significant quantities of renewable energy and storage to drive decarbonisation of the electric grid.
“The resources Repsol brings to Hecate will allow us to build and bring online more resources in significantly less time.”
For this deal, Guggenheim Securities acted as Hecate’s exclusive financial advisor and placement agent. Legal and accounting services were provided to Hecate by Winston and Strawn and accountancy firm CliftonLarsonAllen.
Last March, Repsol added an 860MW wind farm project in Aragon, Spain, to its renewable energy portfolio.
The Delta II project will be developed over the next two years and operated by the company’s subsidiary, Repsol Electricidad y Gas.