Repsol, a Spanish energy company, has acquired ConnectGen, a US-based renewable development company, from Quantum Capital Group for $768 million. The 20 GW of onshore wind, solar, and energy storage projects in ConnectGen’s development pipeline will help Repsol reach its goal of 20 GW of renewable capacity by the end of the 2020s.
Reportedly, this transaction is another step in the firm commitment of the company to transforming the industry and becoming a zero-net-emissions company by 2050. The contract is part of Repsol’s strategy to support its position in the global renewable energy space and increase its global footprint. The deal is scheduled to close by the end of 2023.
In March 2023, Repsol agreed to buy ABO Wind’s 250 MW portfolio of renewable energy sources in Spain. The Palencia-based portfolio consisted of two solar projects with a combined capacity of 100 MW and three wind farms with a combined capacity of 150 MW. ABO Wind was responsible for developing these projects for Repsol under the terms of the deal. No financial details of the deal were disclosed.
