Repsol acquires renewables company ConnectGen, enters U.S. onshore wind market
- September 8, 2023
- Posted by: Quatro Strategies
- Categories: ESG & Renewable Energy, Europe, United States
Spanish energy company Repsol has entered the US onshore wind market through its acquisition of renewable energy developer ConnectGen for $768 million. The purchase is part of Repsol’s strategic shift from oil and gas to renewable energy, with a strong emphasis on the US market.
ConnectGen, which is being acquired from Quantum Capital, has 20 GW of planned onshore wind, solar, and energy storage projects in its portfolio. This acquisition aligns with Repsol’s goal of achieving 20 GW of installed renewable capacity by the end of the decade. Currently, Repsol operates around 2 GW of renewable energy projects and has another 3 GW under construction.
Repsol’s strategic move into the US onshore wind market underscores the company’s commitment to renewable energy generation, particularly in the US, which it views as a key market with substantial growth potential.
This acquisition comes on the heels of Repsol’s agreement to sell its oil and gas assets in Canada to Peyto for $468 million. It represents another significant step in Repsol’s ongoing efforts to expand and strengthen its presence in the renewable energy sector. The deal is expected to be finalized by the end of the year.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
OPEC+ eyes extending major oil production cuts into 2025 to stabilize market
OPEC+ is working on a deal to extend its significant oil production cuts into 2025, as part of a broader strategy to stabilize the oil market amid rising output from non-OPEC members and concerns about global demand. The current cuts, amounting to a total of 5.86 million barrels per day (bpd), represent about 5.7% of…
Natron Energy to unveil first full-scale sodium-ion battery plant in the US
Natron Energy Inc. is set to unveil the first full-scale plant in the US for producing sodium-ion batteries, located near Michigan’s western shore. The plant has commenced cell production and is scheduled to begin shipments in June. Backed in part by a nearly $20 million federal grant, the facility represents…
Russia trying to squeeze out more from Western companies’ exodus
Foreign companies attempting to exit Russia are reportedly encountering new challenges, as Moscow demands larger discounts on the price of assets they wish to sell. This development is part of Russia’s ongoing effort to tighten its exit requirements following the departure of Western companies in response to the geopolitical tensions surrounding Ukraine. This move is adding to the existing stipulations, which include a mandated 50% discount on all foreign deals and a requirement for a contribution of at least 10% of the sale price to the Russian budget.