Energy Major Repsol Acquires US Onshore Wind Firm ConnectGen for $768 Million
ConnectGen owns a development pipeline of 20 GW onshore wind, solar, energy storage projects
Madrid-based energy and petrochemical company Repsol has acquired ConnectGen, a U.S.-based renewable energy development company, for $768 million from Quantum Capital Group‘s global renewable energy development platform, 547 Energy.
ConnectGen’s expertise primarily lies in U.S. onshore wind projects, and its development pipeline encompasses 20,000 MW of onshore wind, solar, and energy storage projects across various stages of maturity.
The pipeline represents Repsol’s entry into the U.S. onshore wind industry.
Through this acquisition, Repsol gains a wind power growth platform, complementing its existing solar and energy storage capabilities acquired through a 40% stake in Hecate Energy in 2021.
Repsol’s CEO, Josu Jon Imaz, sees the addition of ConnectGen as a catalyst for Repsol’s renewable generation efforts in a market poised for substantial growth. He emphasized the importance of integrating ConnectGen’s team of experts to ensure successful future growth with robust profitability.
Repsol already operates close to 245 MW of solar renewable projects, with more projects under construction and ambitious plans to reach 2 GW of installed capacity by 2025 and over 8 GW by 2030.
The company has strategically expanded its renewable business across Spain, Italy, Chile, Portugal, and the U.S., creating a geographically diversified and profitable high-growth platform.
It plans to reach 6 GW of installed renewable generation capacity by 2025 and 20 GW by 2030.
Repsol’s journey toward these targets gained momentum in 2023 with the acquisition of Asterion Energies and additional projects in Spain, the United States, and Chile.
The company has formed strategic alliances to facilitate its renewable business growth, including partnerships with Credit Agricole Assurances, EIP, Pontegadea, and The Renewables Infrastructure Group.
In June, the company approved the sale of 25% of its stake in the renewable business to a consortium comprising the French insurance company Credit Agricole Assurances and Switzerland-based Energy Infrastructure Partner for €905 million (~$949 million).