Repsol enters the US onshore wind market with the purchase of ConnectGen for 768 million dollars

MADRID, Sep 7 (Reuters) – Repsol (REP.MC) It said it had entered the US onshore wind market by buying renewable energy developer ConnectGen for $768 million, expanding its presence in a country that the Spanish energy company considers a key market.

The acquisition of ConnectGen from Quantum Capital is part of the turn of the Spanish oil and gas company to renewables, with a special focus on the United States.

The measure “accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth,” Repsol CEO Josu Jon Imaz said in a statement on Thursday.

The purchase of Repsol takes place a day later agreed to sell its oil and gas assets in Canada to Peyto (PEY.TO) for 468 million dollars.

ConnectGen’s 20 GW in planned onshore wind, solar and energy storage projects will help Repsol meet its goal of reaching 20 GW of installed renewable energy capacity by the end of the decade.

It currently has around 2 GW of renewables in operation and another 3 GW under construction.

This is Repsol’s latest operation in recent years aimed at boosting its renewables business. The company bought renewable energy company Asterion Energies and took a 40% stake in US renewable energy developer Hecate Energy.

The deal is expected to close by the end of the year.

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