Hecate Closes Deal with Global Energy Powerhouse Repsol
Investment Directed Toward Building Out Hecate’s 40 GW Project Pipeline
Chicago, IL / June 29, 2021--Hecate Energy announced that on June 25, 2021 it completed its previously announced transaction with global energy company Repsol to acquire a 40% stake.
Hecate says the investment will be directed toward constructing and bringing on-line the robust portfolio of projects currently under development across the US, including 16.8 GW of solar project and energy storage at advanced stages of development.
“Tackling global climate change means accelerating our progress in deploying significant quantities of renewable energy and storage to drive decarbonization of the electric grid,” said Hecate Energy Chairman, David Tohir. “The resources Repsol brings to Hecate will allow us build and bring online more resources in significantly less time.”
"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 new megawatts of zero emissions grid resources, and we are in an excellent position to help them execute,” Repsol's Executive Managing Director of Client and Low-carbon Generation María Victoria Zingoni said.
Guggenheim Securities, LLC acted as exclusive financial advisor and placement agent to Hecate Energy in connection with the transaction. Legal and accounting services were provided to Hecate Energy by international law firm Winston & Strawn LLP, and the major accountancy firm CliftonLarsonAllen LLP.
Hecate’s geographically diverse assets include projects in the North American electricity regions of PJM Interconnection, the Electricity Reliability Council of Texas (ERCOT), the Midcontinent Independent System Operator (MISO), the Southwest Power Pool (SPP), the New York Independent System Operator (NYISO), and the Western Electric Coordinating Council (WECC).
Repsol is a global multi-energy company that is leading the energy transition with its goal of achieving zero net emissions by 2050. Present throughout the energy value chain, the company employs 24,000 people worldwide and distributes its products in nearly 100 countries to around 24 million customers.
The Low-Carbon Generation business area is one of the pillars of Repsol's strategy to reach zero net emissions by 2050. The company currently has a total installed capacity of 3,300 megawatts and is planning to increase its asset portfolio as it expands internationally and becomes a global operator, reaching a generation capacity of 7,500 megawatts by 2025 and 15,000 megawatts by 2030.
Repsol intends to reach its objective of zero net emissions by 2050 through enhanced efficiency, increased low-emissions power generation capacity, production of low-carbon fuels, development of new customer solutions, and by driving breakthrough projects to reduce the industry's carbon footprint.
Steven C. Sullivan
About Hecate Energy
Headquartered in Chicago, Illinois, Hecate Energy is a developer of solar, wind, and energy storage projects. Founded in 2012 by a team of energy industry veterans who have worked together for more than 25 years, Hecate Energy has developed thousands of megawatts of clean energy projects across North America.
Repsol in the United States
Repsol has been present in the United States for more than two decades. The country is a key region for the company, which has upstream assets in Pennsylvania, Texas, the Gulf of Mexico, and Alaska. In addition, Repsol is involved in the marketing and trading of natural gas, crude oil, and products. For more than 10 years, it has also been selling lubricants for motorcycles and the industrial sector. Through these activities, Repsol employs more than 500 people locally.