Hecate Solar Projects Advance as Repsol Investment Reinforces Hecate’s Status as Leading U.S. Renewable Developer
Chicago, IL – Hecate Energy announced today that construction has commenced on two solar projects totaling 600 megawatts. In Falls County, Texas, Hecate developed the solar and battery storage project, Roseland Solar, from inception and transferred it to the North American subsidiary of a European utility in March. In Highland County, Ohio, Hecate developed the New Market Solar project and transferred it to Canadian utility Algonquin Power & Utilities in May. Construction has started at both projects. The announcement follows last week’s announcement that global energy company Repsol acquired a 40% interest in Chicago-based Hecate Energy.
Roseland Solar & Storage (Falls County, Texas)
The 500 megawatt Roseland Solar project, one of the largest projects under construction in Texas, will be combined with a 50 megawatt battery storage system. The hybrid power facility commenced construction on May 5, and is expected to achieve commercial operation in Q3 of 2022. Hecate developed the project and entered an agreement with a major European producer of renewable energy who will oversee construction and operation of the project.
“Hecate Energy is proud to play a part in building a renewable energy future for Texas,” said Hecate Energy’s Senior Vice President of Operations, Craig Overmyer. “The combination of reliable, resilient, emission-free solar power and battery storage will enable the Roseland project to help stabilize the power grid, increase operational efficiency, and lower power costs.”
Highland 2 & 4 New Market Solar / (Highland County, Ohio)
The 100 megawatt Highland Solar project consists of two separate solar facilities in Highland County, located 45 miles east of Cincinnati. The project broke ground on May 13, with the first of the projects expected to achieve commercial operation in December 2021. The projects will supply 100% of the City of Cincinnati’s municipal electricity. This will make all buildings and electrical services owned and operated by the government of Cincinnati carbon neutral by the end of this year.
“Hecate Energy is at the forefront of transitioning our electric system to emission-free renewable energy. The New Market Solar project in partnership with the City of Cincinnati is leading progress toward a zero-carbon future in Ohio,” said Patti Shorr, Hecate’s Senior Vice President of Development.
On May 12, Repsol and Hecate Energy signed an agreement for Repsol to acquire a 40% stake in Hecate Energy. The acquisition is Repsol's first investment into the U.S. renewable energy market.
“This partnership supports Hecate Energy as one of the leading renewable energy developers in the United States. We are pleased to align ourselves with a major global energy company that is leading the transition to a multi-energy future,” Hecate Energy Chairman David Tohir said.
"With this acquisition we enter the U.S. renewable market with the best possible partner and advance our strategic objective of becoming a global low-emissions operator. We continue to demonstrate our commitment to multi-energy and move forward with the transformation of Repsol into a net zero emissions company," 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 Energy’s portfolio of renewable projects totals more than 40 gigawatts, including 16.8 gigawatts of solar projects and energy storage at advanced stages of development.
The company’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.
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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.