Hecate Energy Group
Definitive (DA signed)Energy · renewable energy development · Chicago, United States · founded 2012 · 60 employees
- What it is
- Develop-and-monetize at increasing maturity: originate utility-scale solar/storage/wind/thermal projects and sell them early (~4c/W), at late stage (~8-16c/W, avg ~12c) or through construction/COD (20c+/W) to IPPs and utilities via asset sales, BTAs and DSAs; management is explicit about evolving into an IPP to retain long-term recurring cash flows and about hybrid 'energy campus' sites for AI/data-center load.
- What it’s doing now
- Merging with EGH Acquisition Corp. (EGHA) — definitive (da signed), announced Jan 21, 2026; expected close Q3 2026.
- What you should know
- The real share count puts the effective valuation 25% above the announced $800M. The deal carries a $50M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryHecate Energy Group, LLC (Chicago; founded 2012; 60+ employees; President & CEO Chris Bullinger) is one of the largest independent U.S. developers of utility-scale energy parks - solar, battery storage, wind and thermal - with a ~47-48 GW development portfolio across 8 U.S. power markets and 26 states, pitched at 'powered land' demand from data centers and hyperscalers. Unlike the paper companies in this de-SPAC cohort it has a real monetization record: 12+ GW of projects sold since inception (11 GW since 2021) to blue-chip counterparties via asset sales, Build-Transfer Agreements and Development Services Agreements, $686M of future receipts under already-signed sales contracts, 4+ GW more under exclusivity/advanced sale negotiations, and management-estimated FY2026 adjusted EBITDA of $115M (projection; implied 11.1x 2026 EV/EBITDA per the SPAC's own math). The EGH Acquisition Corp. deal (BCA signed 2026-01-21) is an Up-C: existing owner Hecate Holdings LLC rolls 100% of its equity (expected ~80% pro forma) into units valued at $1.2bn less net indebtedness ($800M pre-money equity value; ~$1.28bn implied post-money EV with estimated net debt), with EGH's up-to-$155M trust funding development; targeted close mid-2026, S-4 not yet filed as of 2026-08-15. Prior ownership drama: Repsol bought 40% of Hecate in 2021, litigated with its partner, and in 2025 sold the stake back, leaving Hecate Holdings with full ownership.
| EBITDA | $115M projection |
Source: 425, accession 0001104659-26-104743 · as of Feb 10, 2026 · extraction confidence: medium
What the company says about itself
Web research — not auditedSite claims: 12+ GW of projects sold, 45+ GW under development, 5+ GW under construction or operation, $6B+ of energy investments developed; leadership '175+ years cumulative experience'; positions hybrid energy parks (renewables + dispatchable generation + storage) for data-center demand.
- Markets:
- Utilities; data centers/hyperscalers; industrial corporates; landowners; communities
- Products:
- Utility-scale solar; battery storage; thermal (dispatchable) generation; wind; 'Energy Campus' power-ready sites for AI/data centers; grid interconnection infrastructure
- Customers:
- No names on site; claims 12+ GW of projects sold to independent power producers and utilities with revenue contracts
Minor figure drift, not conflict: website says '45+ GW under development' and '5+ GW under construction or operation' vs press release 'more than 47 GW' portfolio and transcript '48 GW'; website's '12+ GW sold' matches the PR's 'over 12 GW since inception' while the transcript says '11 GW sold since 2021'.
Source: https://www.hecateenergy.com/ · captured Aug 15, 2026 · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Hecate Energy Group is merging with EGH Acquisition Corp. (EGHA), a $150M SPAC currently marked Deal announced and trading at $10.39 against $10.26 in trust per share.
| Headline equity value | $800M |
| Effective valuation (all shares) | $998M+25% vs headline |
| Sponsor promote | 24.4% |
| Minimum cash to close | $50M |
Structure per SEC accession(s) 0001104659-26-006046, 0001104659-26-094861. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for Hecate Energy Group, LLC, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $998.4M regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Post-dilution equity (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
$1 of their sales costs $10.03 on the open market. Median of 6 listed companies we judged a true comparable, which individually run from 3.76× to 87.75×. Their share prices are from 15 August 2026, not today.
What qualifies the figures above
- Struck on the post-dilution value of $998.4M, not the announced $800M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- CSIQ, DESR, RNW, RUN, FRMI, BN, NCDL, ENPH, OTF have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| NEE | NextEra Energy, Inc. | $179.8B | 10.4x | 20.4x | NextEra Energy is the scaled benchmark for U.S. utility-scale renewables development - the buyer universe and valuation ceiling for Hecate's develop-and-sell pipeline.more ▾less ▴ |
| CSIQ | Canadian Solar Inc. | $1.6B | — | — | Direct comp: Photovoltaic Solar Systems & Equipment; small-cap ($1.6bn); shares solar, battery, storage, utility, scale, agreements with the target's own description; forward EV/Sales 1.3x.more ▾less ▴ |
| AES | The AES Corporation | $10.5B | 3.8x | 12.2x | AES is the listed developer/IPP most levered to supplying solar+storage to data-center/hyperscaler offtakers - Hecate's exact demand thesis at operating scale.more ▾less ▴ |
| DESR | DESRI Inc | — | — | — | Operational comp: Renewable IPPs; shares utility, scale, projects, solar, wind, pre with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| CWEN | Clearway Energy, Inc. | $8.4B | 11.1x | 15.0x | Clearway Energy is a pure US renewables IPP - the model Hecate says it wants to evolve into for recurring cash flows. |
| RNW | Renew Energy Global PLC | $156.0B | — | — | Operational comp: Renewable IPPs; mega-cap ($156.0bn); shares wind, utility, scale, solar, projects, energy with the target's own description; forward EV/Sales 6.4x.more ▾less ▴ |
| BEPC | Brookfield Renewable Corporatio | $6.6B | 9.7x | 18.2x | Brookfield Renewable - global renewables development + ownership platform; multiple anchor for GW-scale diversified pipelines. |
| RUN | Sunrun Inc | $4.3B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; mid-cap ($4.3bn); shares solar, battery, ownership, energy, utility, developers with the target's own description; forward EV/Sales 5.8x.more ▾less ▴ |
| VST | Vistra Corp. | $49.7B | 3.8x | 10.9x | Vistra - dispatchable/thermal generation for data-center load; comps the 'thermal + energy campus' leg of Hecate's hybrid parks. |
| HASI | HA Sustainable Infrastructure C | $5.5B | 87.8x | — | Operational comp: Investment Management & Fund Operators (NEC); mid-cap ($4.0bn); shares wind, solar, utility, scale, storage, energy with the target's own description; forward EV/Sales 22.9x.more ▾less ▴ |
| FRMI | Fermi Inc. | $4.1B | — | — | Fermi Inc. - the pre-revenue 'powered land for AI' developer benchmark; shows what the market pays for the same story without Hecate's 12 GW sales record.more ▾less ▴ |
| BN | Brookfield Corporation | $113.6B | — | — | Operational comp: Investment Management & Fund Operators (NEC); mega-cap ($113.6bn); shares ownership, equity, wind, utility, scale, solar with the target's own description; forward EV/Sales 44.8x.more ▾less ▴ |
| NCDL | Nuveen Churchill Direct Lending Corp | $659M | — | — | Operational comp: Investment Management & Fund Operators (NEC); small-cap ($659m); shares ebitda, equity, debt, llc, adjusted, companies with the target's own description; forward EV/Sales 9.3x.more ▾less ▴ |
| ENPH | Enphase Energy, Inc. | $4.2B | — | — | Operational comp: Photovoltaic Solar Systems & Equipment; mid-cap ($4.2bn); shares solar, storage, energy, sell, battery, own with the target's own description; forward EV/Sales 4.0x.more ▾less ▴ |
| OTF | Blue Owl Technology Finance Corp | $6.7B | — | — | Operational comp: Investment Management & Fund Operators (NEC); mid-cap ($6.7bn); shares equity, blue, debt, llc, not, into with the target's own description; forward EV/Sales 8.6x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data priced Aug 15, 2026; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Hecate Energy Group going public?
Hecate Energy Group has a signed merger with the SPAC EGH Acquisition Corp. (EGHA), announced Jan 21, 2026. Deal status: Definitive (DA signed).
What is Hecate Energy Group's SPAC deal valuation?
The announced headline equity value is $800M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $998M, 25% above the headline.
Was Hecate Energy Group bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for Hecate Energy Group, LLC, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $998.4M regardless.
Does Hecate Energy Group have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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