Repsol Expands into U.S. Wind Market with $768 Million Acquisition
MADRID, Sept 7 (Reuters) – Spanish energy group Repsol (REP.MC) has announced its entry into the U.S. onshore wind market with the acquisition of renewable energy developer ConnectGen for $768 million. The move is part of Repsol’s strategic shift from oil and gas to renewables, with a particular focus on the United States.
The acquisition of ConnectGen from Quantum Capital marks a significant step for Repsol as it expands its presence in a market that the company sees as having immense potential for future growth. Repsol Chief Executive Josu Jon Imaz stated that the acquisition “accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth.”
This announcement comes just a day after Repsol agreed to sell its oil and gas assets in Canada to Peyto (PEY.TO) for $468 million, further emphasizing its commitment to transitioning towards clean energy sources.
ConnectGen’s portfolio includes 20 GW of planned onshore wind, solar, and energy storage projects. This acquisition will play a crucial role in helping Repsol achieve its goal of reaching 20 GW of installed renewables capacity by the end of the decade. Currently, Repsol has around 2 GW of renewables in operation with an additional 3 GW under construction.
By expanding its renewables business, Repsol aims to position itself as a leading player in the global energy transition. In recent years, the company has made strategic investments in the sector, including the acquisition of renewable energy firm Asterion Energies and a 40% stake in U.S. renewables developer Hecate Energy.
The deal between Repsol and ConnectGen is expected to be finalized by the end of the year. Repsol’s move into the U.S. wind market demonstrates its commitment to sustainable energy solutions and its ambition to become a major player in the renewable energy sector.
Reporting by Pietro Lombardi; Editing by Inti Landauro and Alexander Smith