The Spanish energy company Repsol announced on Thursday that it had reached an agreement to buy the American renewable energy developer ConnectGEN for US$768 million, which will allow it to incorporate a portfolio of green projects of 20,000 megawatts (MW).
The purchase of ConnectGen represents his entry into the onshore wind market of the United States, a market where it has been present since 2019 through its solar and storage assets. Hecate Energyof which it controls 40%.
The operation would close when all regulatory approvals are obtained.
The operation is expected to close at the end of the year, once all the usual regulatory approvals for this type of operation are obtained.
Headquartered in Houston, Texas, ConnectGen is a renewable energy developer with a portfolio of more than 20,000 MW of onshore wind, solar and energy storage in different phases of development.
Until now, the company belonged to 547 Energy, the US fund’s renewable energy development platform. Quantum Capital Groupspecialized in the energy and energy transition sectors.
Once the purchase is closed, the employees of ConnectGenincluding its management team, will join Repsol Renewables.
With this operation, Repsol will enter the US onshore wind market,”one of the largest and with the greatest growth potential in the world“, according to the Spanish company.
Likewise, it continues its international expansion and its presence in the renewable sector, where aims to reach 20,000 MW of installed capacity in 2030of which 8,000 MW will correspond to the US market (2,000 MW in 2025).
Source: Ambito
