EGH Acquisition Corp has signed a definitive business combination to take Hecate Energy public via a Nasdaq SPAC listing. The transaction values Hecate at a $1.2 billion pre-money enterprise value, with up to $155 million of trust capital available at closing, subject to redemptions.

The key insight is structural. This is not a liquidity exit. It is a capital access move that keeps the developer intact. 100% of Hecate’s equity rolls over, and the existing management team remains in control. The SPAC is being used as balance-sheet infrastructure, not a sell-down.

That distinction matters because Hecate is already late-stage. The platform has sold 12+ GW historically, holds 5+ GW of under-construction or operating assets, and controls a 47 GW pipeline across 26 states. This is not speculative development capital. It is execution capital for grid-ready, contracted power.

Public capital gives Hecate optionality. It can continue project monetisation, fund balance-sheet builds, or evolve into an IPP with recurring cash flows. The structure avoids minority protections, staged earn-outs, or forced asset rotation typical in private growth equity.

The signal is clear. As hyperscaler and data centre demand accelerates, advanced US power developers are looking beyond private markets. Public listings are re-emerging as a way to fund scale without giving up control.

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