Hecate Energy Group, a U.S. utility scale energy infrastructure developer, has agreed to merge with EGH Acquisition Corp. in a business combination that would take Hecate public and list the combined company on Nasdaq under the ticker “HCTE.”
Hecate said it develops “energy parks” across solar, battery storage, wind, and thermal generation, and is positioning the platform to meet rising demand for power for land tied to data centers, hyperscalers, and other large-load customers. The company said it monetizes projects through asset sales, Build Transfer Agreements, and Development Services Agreements, while retaining the option to evolve into an independent power producer to generate longer-duration operating cash flows.
Founded in 2012, Hecate said it has assembled more than 47 gigawatts of renewable and thermal power projects across eight U.S. power markets and 26 states. Since its inception, the company said it has sold more than 12 gigawatts of projects and currently has more than four gigawatts under exclusivity or in advanced sale negotiations.
Under the transaction terms, Hecate is valued at a pre-money enterprise value of $1.2 billion. EGH’s trust account is expected to provide up to $155 million to support the development of Hecate’s portfolio, potential shareholder redemptions, and transaction expenses. Hecate’s current management team is expected to continue leading the combined company, and Hecate shareholders will roll 100% of their equity into the public entity. The deal was unanimously approved by both boards and is expected to close in mid 2026, subject to customary conditions including EGH shareholder approval.
Support: Cohen & Company Capital Markets is serving as financial advisor and lead capital markets advisor to EGH, with Seaport Global also acting as a capital markets advisor. PEI Global Partners is acting as financial advisor to Hecate. Cahill Gordon & Reindel is serving as legal advisor to Hecate, and Allen Overy Shearman Sterling (US) is serving as legal advisor to EGH.
KEY QUOTES
“Our partnership with EGH and its experienced team and the public listing resulting from a successful completion of our combination represent a transformational milestone for Hecate as we advance to the next phase of growth and value creation. Access to the public capital markets will strengthen our ability to accelerate project development and monetization, while providing the flexibility to evolve into an Independent Power Producer and generate long-term, recurring cash flows. A publicly traded platform also enhances our ability to attract institutional investors while building the energy infrastructure required to support the nation’s rapidly growing power needs.”
Chris Bullinger, President and CEO of Hecate
“We are pleased to partner with Chris and the Hecate team as they enter Hecate’s next phase of growth. Hecate’s significant portfolio, combined with the team’s strong reputation and proven execution, positions Hecate exceptionally well to meet the rising demand for reliable power from data centers and hyperscalers as well as other large consumers of power. We believe Hecate is uniquely positioned to capitalize on this opportunity and deliver meaningful long-term value.”
Drew Lipsher, Chief Executive Officer of EGH
