Hecate Energy — 48 GW US solar/storage development pipeline; flagship projects include 674 MW Cider Solar (NY) and 1 GW Harley Hand hybrid (TX)
Repsol exits 40% Hecate stake (originally acquired 2021 for ~$220M) back to founding shareholders, settling Delaware Chancery litigation triggered by Hecate Holdings' 2024 put option. Repsol books $131M charge in H1 2025. Repsol redirects US renewables focus to wholly-owned ConnectGen ($768M acquired 2023) and Stonepeak partnership. Hecate regains autonomy with 48 GW pipeline.
$131M
Deal Value
48,000MW
Capacity
Hybrid
Technology
Multi-state
Location
Deal Details
- Deal Type
- Project & Portfolio M&A
- Seller / Sponsor
- Repsol
- Buyer / Financier
- Hecate Holdings (founders)
- Deal Value
- $131M charge to Repsol H1 2025
- Stage
- Development
- ISO/RTO
- Multiple (incl. ERCOT, PJM)
- Source
- PV Tech
Related Deals
Cereza Solar + Storage — up to 2 GW at DOE Hanford Site, WA
Hecate Energy → Savion (Shell)
2,000 MW
Frye Solar (632 MW TX) + Jicarilla Solar (125 MW NM) + 20 MW co-located BESS — Repsol US operating renewables (46.3% stake)
Repsol → Stonepeak Infrastructure Partners
$340M (46.3% stake; portfolio EV $735M)
Hecate Energy 35 GW solar/storage development pipeline (collateral)
Hecate Energy → Investec, Nomura, National Bank of Canada (lead); Deutsche Bank, Generate Capital
$550M ($250M term + $300M LC)
Global Infrastructure Partners (GIP) — world's largest independent infrastructure fund with 19+ GW operational renewables, 173 GW in construction/development
Global Infrastructure Partners → BlackRock
$12.5B
Recurrent Energy — 20% stake in Canadian Solar's renewable energy subsidiary (11 GWp solar + 3 GWh storage globally)
Recurrent Energy → BlackRock
$500M
Enel Green Power NA geothermal and solar portfolio — Cove Fort (UT), Stillwater & Salt Wells (NV), solar assets (CT)
Enel Green Power North America → Ormat Technologies
$271M
Get deals like this in your inbox
Free weekly clean energy deal intelligence. Every Monday.