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Repsol (REPYY) Completes Acquisition of Hecate Energy Shares
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Repsol SA (REPYY - Free Report) completed its previously-announced agreement with Hecate Energy to acquire the latter’s 40% stakes. Notably, this is Repsol's foray into the U.S. renewable market and the second market to enter as part of plans to expand its renewable energy business.
Hecate Energy, a leading renewable energy developer, owns a portfolio of more than 40 gigawatts (“GW”) of renewable projects. Of the total capacity, 16.8 GW are solar photovoltaic and storage projects at advanced stages of development. Notably, Hecate Energy will use the investment to construct and commission the portfolio of projects, which it is developing across the United States.
Hecate Energy’s impressive portfolio involves projects in the North American electricity regions of PJM Interconnection, the Electricity Reliability Council of Texas and the Midcontinent Independent System Operator. The assets also cover the Southwest Power Pool, the New York Independent System Operator and the Western Electric Coordinating Council areas. Notably, Repsol’s investments will enable Hecate Energy to construct and commission more resources in significantly less time.
Per the terms of the agreement, Repsol will be able to acquire the outstanding shares of Hecate Energy three years after the transaction closes. Once the deal's conditions are satisfied, the company will become a developer and operator of renewable projects in the United States in a business-friendly environment.
Repsol has been operating as an oil and gas business for more than 20 years in the United States and the low-carbon business area supports its strategy of reaching net-zero emissions by 2050. Notably, the transaction indicates significant progress toward Repsol’s aim to accelerate the renewable generation capacity from 1 GW of hydropower and wind capacity to 15 GW by 2030.
Company Profile
Headquartered in Madrid, Spain, Repsol is an integrated energy company, which advocates energy transition.
Zacks Rank & Other Stocks to Consider
The company currently flaunts a Zack Rank #1 (Strong Buy).
Over the past 60 days, the Zacks Consensus Estimate for Suncor’s 2021 earnings has been raised by 34.8%, while that for Extraction has been raised by 34.8%.
Hess’ earnings for 2021 are expected to increase 15% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Repsol (REPYY) Completes Acquisition of Hecate Energy Shares
Repsol SA (REPYY - Free Report) completed its previously-announced agreement with Hecate Energy to acquire the latter’s 40% stakes. Notably, this is Repsol's foray into the U.S. renewable market and the second market to enter as part of plans to expand its renewable energy business.
Hecate Energy, a leading renewable energy developer, owns a portfolio of more than 40 gigawatts (“GW”) of renewable projects. Of the total capacity, 16.8 GW are solar photovoltaic and storage projects at advanced stages of development. Notably, Hecate Energy will use the investment to construct and commission the portfolio of projects, which it is developing across the United States.
Hecate Energy’s impressive portfolio involves projects in the North American electricity regions of PJM Interconnection, the Electricity Reliability Council of Texas and the Midcontinent Independent System Operator. The assets also cover the Southwest Power Pool, the New York Independent System Operator and the Western Electric Coordinating Council areas. Notably, Repsol’s investments will enable Hecate Energy to construct and commission more resources in significantly less time.
Per the terms of the agreement, Repsol will be able to acquire the outstanding shares of Hecate Energy three years after the transaction closes. Once the deal's conditions are satisfied, the company will become a developer and operator of renewable projects in the United States in a business-friendly environment.
Repsol has been operating as an oil and gas business for more than 20 years in the United States and the low-carbon business area supports its strategy of reaching net-zero emissions by 2050. Notably, the transaction indicates significant progress toward Repsol’s aim to accelerate the renewable generation capacity from 1 GW of hydropower and wind capacity to 15 GW by 2030.
Company Profile
Headquartered in Madrid, Spain, Repsol is an integrated energy company, which advocates energy transition.
Zacks Rank & Other Stocks to Consider
The company currently flaunts a Zack Rank #1 (Strong Buy).
Some other top-ranked players in the energy space are Suncor Energy Inc. (SU - Free Report) , currently sporting a Zacks Rank #1, and Extraction Oil & Gas, Inc. and Hess Midstream Partners LP (HESM - Free Report) , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 60 days, the Zacks Consensus Estimate for Suncor’s 2021 earnings has been raised by 34.8%, while that for Extraction has been raised by 34.8%.
Hess’ earnings for 2021 are expected to increase 15% year over year.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>