Spanish energy group Repsol SA (BME:REP) has agreed to acquire US renewables development company Connectgen for USD 768 million (EUR 717.1m), expanding its presence in the country and entering the local onshore wind market through the deal.
The business, to be acquired from Quantum Capital Group’s clean energy investment platform 547 Energy, has a development pipeline of 20,000 MW of onshore wind, solar and energy storage projects across the country, Repsol said on Thursday.
The deal complements the US solar and storage development capabilities, which Repsol obtained through the acquisition of a 40% stake in Hecate Energy in 2021.
The latest transaction will also help the Spanish company achieve its own goal of having 20,000 MW of installed renewable generation capacity by 2030, including 8,000 MW in the US.
“This transaction is another step in our firm commitment to transforming our industry and becoming a zero net emissions company by 2050, while maintaining our profitable growth, diversification and multi-energy focus and ensuring shareholder returns. The addition of Connectgen accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth,” Repsol’s CEO, Josu Jon Imaz, commented in the statement.
The deal is expected to close before the end of 2023, subject to customary regulatory approvals.
Repsol currently has a global renewables portfolio of over 2,000 MW in operation and 3,000 MW under construction, as well as a pipeline of projects in different stages of development in Spain, the US, Chile and Italy.
(USD 1 = EUR 0.934)
