London, 09 September, 2023, (Oilandgaspress) – Repsol has taken a significant step to accelerate its multi-energy transformation to net zero emissions by 2050. The Spanish company signed today an agreement to acquire US renewable development company ConnectGen for $768 million (c.€715 million) from Quantum Capital Group’s global renewable energy development platform, 547 Energy.
This transaction is a new milestone in Repsol Renewables’ strategy to strengthen its position as a global player in the renewable energy business, increasing its international footprint and contributing to its goal of 20,000 MW of installed renewable generation capacity by 2030.
Based in Houston, Texas, ConnectGen is a renewable developer with a multi-technology approach and full in-house development capabilities, especially in US onshore wind projects. ConnectGen’s development pipeline includes 20,000 MW of onshore wind, solar and energy storage projects at different levels of maturity across the most attractive US energy regions. This pipeline entails the entry of Repsol in the US onshore wind industry, one of the largest and highest growth potential markets in the world.
ConnectGen will also allow Repsol to build on strong renewable capabilities in the US and deep expertise internationally, adding a significant wind power growth platform that complements the solar and storage development capabilities acquired through the purchase of a 40% in Hecate Energy in 2021.
Current ConnectGen employees, including senior management, will join the Repsol Renewables’ team, bringing valuable expertise across the projects’ lifecycles and a deep knowledge of the renewable US energy industry.
“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. In that sense, bringing on board its valuable team of experts is key to ensure our successful future growth with robust profitability in the market,” explains Josu Jon Imaz, CEO of Repsol.
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