Hecate commences construction of 600 MW solar projects in Texas and Ohio
Hecate Energy has commenced the construction on two solar projects totaling 600 megawatts, following the announcement that global energy company Repsol acquired a 40% interest in Chicago-based Hecate Energy.
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 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.
The 100 megawatt Highland Solar project consists of two separate solar facilities in Highland County, located 45 miles east of Cincinnati. The project is 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.
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.
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.
