Spanish multi-energy group Repsol SA is in discussions with Hecate Holdings LLC to potentially acquire its 60% stake in their joint solar and storage project development company in the United States, Hecate Energy Group LLC (HEG).
Repsol currently owns 40% of the Chicago-based solar and storage firm, having acquired the stake three years ago to enter the US renewables market. The agreement included an option for Repsol to acquire the remaining shares in HEG three years after the deal closed on June 25, 2021.
On June 25, 2024, Hecate Holdings exercised its put option to sell its 60% stake in HEG to Repsol, as disclosed by Repsol in its earnings report on Wednesday.
“The parties are currently in discussions as to the next steps to be taken, as well as possible transaction alternatives,” Repsol stated.
HEG has a pipeline of over 40 GW of projects across the US, predominantly solar and energy storage in operation and development. The firm's project list also includes two wind farm developments in Kentucky.
