Repsol Hit With Buyout Lawsuit Over Hecate Renewables Business

Repsol SA is trying to stop the founders of Hecate Energy Group LLC from exiting the Chicago-based renewable power venture, in which the Spanish oil giant already has a 40% stake, according to an unsealed lawsuit.

Hecate’s founders are suing Repsol’s US renewables unit through an affiliate, seeking to enforce sections of a $213 million investment agreement in 2021 that allegedly gave them the right to demand a full buyout three years later. When they said they would exercise the option, Repsol stalled for time, then made unreasonable demands at the last minute, according to the court complaint.

Repsol “has ...