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
Regulators wary as European private credit funds increase reliance on bank borrowing
The use of bank borrowing by European private credit funds is increasingly becoming a prominent aspect of the financial landscape, raising concerns about interconnectedness and systemic risks within the sector. Research conducted by MSCI Private Capital Solutions reveals that a record…
Canada and Australia forge partnership on critical minerals for clean energy future
Canada and Australia have announced a collaboration to advance their shared interests in the extraction, processing, and refining of critical minerals. This agreement was revealed during the Prospectors and Developers Association of Canada (PDAC) conference in Toronto. Critical minerals, particularly…
China’s steel exports soar as overcapacity spurs near-decade high volumes
China’s steelmakers are poised to continue exporting at near-decade high volumes in 2025 to cope with overcapacity and weak domestic demand, a move that could exacerbate global trade tensions. With the property sector still sluggish, China is expected to export over 100 million metric tons of steel this year…