The logo of Spanish energy group Repsol is seen at a gas station in Arenaga, on the island of Gran Canaria, Spain, on October 26, 2022. Photo: Borja Suarez/Reuters. Obtaining licensing rights
MADRID (Reuters) – Repsol (REP.MC) said it has entered the onshore wind market in the United States by buying renewable energy developer ConnectGen for $768 million, expanding its presence in a country the Spanish energy firm sees as a key market.
The acquisition of ConnectGen from Quantum Capital is part of the Spanish company’s shift from oil and gas to renewables, with a particular focus on the United States.
The move “accelerates our commitment to renewable energy generation in one of the markets with the greatest potential for future growth,” Josue John Imaz, CEO of Repsol, said in a statement Thursday.
The Repsol purchase comes a day after it agreed to sell its oil and gas assets in Canada to Peyto for $468 million.
ConnectGen’s 20 GW of planned wind, solar and onshore energy storage projects will help Repsol achieve its goal of reaching 20 GW of installed renewable energy capacity by the end of the decade.
It currently has about 2 gigawatts of renewables in operation and another 3 gigawatts under construction.
This is Repsol’s latest deal in recent years aimed at boosting its renewable energy business. The company bought renewable energy company Asterion Energies and acquired a 40% stake in US renewable energy developer Hecate Energy.
The deal is expected to close by the end of the year.
Reported by Pietro Lombardi. Edited by Enti Landoro and Alexander Smith
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