The energy company Repsol has entered the onshore wind business in the United States. The firm announced yesterday the acquisition of the American company ConnectGen from the Quantum Capital Group fund. The operation is valued at 715 million euros.
Headquartered in Houston, Texas, ConnectGen is a multi-technology renewable energy developer specializing in onshore wind power projects. The ConnectGen portfolio includes 20,000 MW of onshore wind, solar and energy storage, in different phases of development.
In a statement, the company assures that this purchase reinforces Repsol's position as a global player in the energy sector and contributes to its objective of reaching a total of 20,000 MW installed by 2030. Repsol thus wants to accelerate its transformation towards a multi-energy firm to become into a net zero emissions company by 2050.
The closing of the transaction is expected at the end of the year. ConnectGen employees, including its management team, will join the Repsol Renovables division, contributing their experience in the different phases of the projects' value chain and asserting their knowledge of the US renewable sector.
The US renewable energy market is one of the largest and with the greatest growth potential in the world. The Global Wind Energy Council (GWEC) expects North America to add an additional 60,000 MW of onshore wind capacity over the next five years.
Repsol was already present in the US market with the purchase of 40% of Hecate Energy in 2021, a firm specialized in the development of solar photovoltaic and battery projects for energy storage and has a project portfolio of more than of 40,000 MW.
On the other hand, the company chaired by Josu Jon Imaz has fresh financial resources for this American expansion: just yesterday it informed the CNMV that it had sold its oil and gas assets in Canada to the Peyto energy group for 468 million dollars (433 million euros). ), as part of its strategy to focus activity on the regions it considers key.
This rationalization of the company's portfolio has been achieved through a recent series of divestments in non-strategic locations, reducing Repsol's presence in exploration and production from 25 to 14 countries after the sale of assets in Vietnam, Malaysia, Papua New Guinea , Australia, Greece, Morocco, Iraq, Bulgaria, Ecuador and Russia.
Repsol's strategic plan, which has projects in different phases in Spain, the US, Chile and Italy, involves having an installed renewable capacity of 2,000 MW in 2025 and 8,000 MW in 2030.
