International Retail Energy Supplier Enters U.S. Renewables Market Via Acquisition
May 13, 2021 Email This Story Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • email@example.com
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Repsol, which operates a competitive retail energy supplier in Spain among its various businesses, has signed an agreement to acquire 40% of Hecate Energy, a U.S.-based PV solar and battery storage project developer.
"This transaction is Repsol's first foray into the U.S. renewables market. It complements the company's capabilities and portfolio and adds a solid platform with strong growth potential," Repsol said
Hecate Energy has a portfolio of more than 40 GW of renewable and energy storage projects under development. Of these, 16.8 GW are solar projects at advanced stages of development, with 4.3 GW of batteries for energy storage.
Repsol will also have the option of acquiring Hecate Energy’s outstanding shares three years after the closing of this transaction.
Most of Hecate Energy's assets are located in the U.S. electricity markets of ERCOT, WECC, and PJM
Repsol's current operations in the U.S. includes the marketing and trading of natural gas, crude oil, and products.