Today, renewable energy developer Hecate Energy announced that construction has commenced on two solar projects totaling 600MW in Falls County, Texas, and Highland County, Ohio.
In Texas, Hecate will develop a solar and battery storage project called Roseland Solar. In fact, the company worked on the project from inception and transferred it to the North American subsidiary of a European utility in March.
Similarly, in Highland County, Ohio, Hecate developed the New Market Solar project. As with Roseland Solar, the company transferred the project to Canadian utility Algonquin Power & Utilities in May.
Thus, construction started in May at both projects. Moreover, the announcement comes after last week’s press release saying that Repsol acquired a 40% interest in Hecate Energy.
Roseland Solar & Storage (Falls County, Texas)
The Roseland Solar project is currently one of the most significant projects under construction in Texas. Additionall500-megawatt megawatt capacity, the project will be combined with a 50-megawatt battery storage system.
On May 5, the hybrid power facility commenced construction, with an expected commercial operation date in Q3 of 2022. As previously said, Hecate developed the project. Besides, it entered into an agreement of transference with a major European producer of renewable energy.
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In this sense, Hecate Energy’s Senior Vice President of Operations, Craig Overmyer, commented; In fact, “we’re proud to play a part in building a renewable energy future for Texas. Hence, the combination of reliable, resilient, emission-free solar power and battery storage; will thus enable the Roseland project to help stabilize the power grid. Also, to 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. Thus, the project commenced construction on May 13, with the first project expected to achieve commercial operation in December 2021. In fact, the projects aim to supply 100% of the City of Cincinnati’s municipal electricity.
“Hecate Energy is at the forefront of transitioning our electric system to emission-free renewable energy. Also, the New Market Solar project in partnership with the City of Cincinnati is leading progress. Particularly, toward a zero-carbon future in Ohio;” said Patti Shorr, Hecate’s Senior Vice President of Development.
Repsol Investment
Finally, on May 12, Repsol and Hecate Energy signed an agreement for Repsol to acquire a 40% stake in the latter company. In fact, the acquisition is Repsol’s first investment into the U.S. renewable energy market.
Accordingly, Guggenheim Securities, LLC acted as an exclusive financial advisor. Also as placement agent to the Company in connection with the transaction.
