Repsol acquires US renewables entity for $768 mln

Spain

MADRID, September 8, 2023 – Spanish energy company Repsol has entered the onshore renewables market in the USA with the acquisition of ConnectGen for USD 768 million, Reuters reported on Thursday.

ConnectGen’s portfolio consists of 20 GW of onshore wind, solar and energy storage projects at different stages of development in the USA.

ConnectGen is owned by Quantum Capital Group.

The deal is expected to close by the end of 2023 and is subject to regulatory approvals.

Repsol has set targets to install 6 GW of renewable power generation by 2023 and 20 GW by 2030.

The Spanish energy giant has renewable energy projects with more than 2 GW of capacity currently in operation. The company has a pipeline of renewable energy developments with a total capacity of 3 GW currently in different stages of development in Spain, the USA, Chile and Italy.

Earlier this week, Repsol signed an agreement to sell its Canadian upstream business to local E&P player Peyto Exploration & Development Corporation for USD 468 million.

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