Hecate Energy Group, a US-based energy infrastructure developer, is set to go public through a merger with special purpose acquisition company (SPAC) EGH Acquisition at an implied enterprise value of $1.2bn.
The business combination will grant Hecate Energy a listing on the Nasdaq under the ticker symbol 'HCTE'.
Established in 2012, Hecate Energy develops utility-scale energy parks encompassing solar, battery storage, wind and thermal generation across the US.
Its current portfolio includes more than 47GW of renewable and thermal power projects across eight power markets and 26 states.
To date, the company has sold more than 12GW of projects and has over 4GW under exclusivity or advanced talks for sale.
Hecate Energy sells projects through asset sales, build-transfer agreements and development services agreements, while maintaining an option to operate as an independent power producer.
Hecate Energy president and CEO Chris Bullinger said: “Our partnership with EGH and its experienced team and the public listing resulting from a successful completion of our combination represent a transformational milestone for Hecate as we advance to the next phase of growth and value creation.
“Access to the public capital markets will strengthen our ability to accelerate project development and monetisation, while providing the flexibility to evolve into an independent power producer and generate long-term, recurring cash flows.”
Furthermore, the trust account of EGH will allocate up to $155m for the development of Hecate Energy’s utility-scale energy park portfolio. This will cover any redemptions by EGH shareholders and transaction-related expenses.
EGH CEO Drew Lipsher said: “Hecate’s significant portfolio, combined with the team’s strong reputation and proven execution, positions Hecate exceptionally well to meet the rising demand for reliable power from data centres and hyperscalers as well as other large consumers of power.
“We believe Hecate is uniquely positioned to capitalise on this opportunity and deliver meaningful long-term value.”
Existing shareholders of the energy infrastructure developer plan to retain all their equity in the public entity.
Key management members, certain shareholders of Hecate Energy and EGH’s sponsor have agreed to lock-up arrangements following the merger.
The boards of both companies have unanimously approved the deal, which is expected to close in mid-2026 following customary closing conditions and approval from EGH shareholders. After the transaction closes, Hecate Energy’s current management team will continue to lead the enlarged company.
