Repsol acquires renewables company ConnectGen, enters U.S. onshore wind market
- September 8, 2023
- Posted by: Quatro Strategies
- Categories: ESG & Renewable Energy, Europe, United States
Spanish energy company Repsol has entered the US onshore wind market through its acquisition of renewable energy developer ConnectGen for $768 million. The purchase is part of Repsol’s strategic shift from oil and gas to renewable energy, with a strong emphasis on the US market.
ConnectGen, which is being acquired from Quantum Capital, has 20 GW of planned onshore wind, solar, and energy storage projects in its portfolio. This acquisition aligns with Repsol’s goal of achieving 20 GW of installed renewable capacity by the end of the decade. Currently, Repsol operates around 2 GW of renewable energy projects and has another 3 GW under construction.
Repsol’s strategic move into the US onshore wind market underscores the company’s commitment to renewable energy generation, particularly in the US, which it views as a key market with substantial growth potential.
This acquisition comes on the heels of Repsol’s agreement to sell its oil and gas assets in Canada to Peyto for $468 million. It represents another significant step in Repsol’s ongoing efforts to expand and strengthen its presence in the renewable energy sector. The deal is expected to be finalized by the end of the year.
Interested in learning more?
Sign up for Top Insights Today
Top Insights Today delivers the latest insights straight to your inbox.
You will get daily industry insights on
Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.
Read more insights
Exxon focusing on direct air capture of CO2 to reach net zero emissions
Exxon Mobil Corp, the largest U.S. oil company, is investing in technology for direct air capture (DAC) of carbon dioxide (CO2) as part of its low-carbon solutions business. The company views DAC as a critical component in achieving a net-zero future.
Russia shipping first ever oil cargo to Brazil
Russia has shipped its first crude oil cargo to Brazil, marking an attempt to diversify its customer base amid limited options due to U.S. and EU sanctions. European sanctions have significantly constrained Russia’s oil exports to the West.
U.S., G7 see China’s economic problems as systemic
The economic challenges facing China are raising questions about its ability to continue its rapid growth and ascendancy as a global superpower. US and other Group of Seven (G-7) nations are increasingly viewing China’s struggles as indicative of deep-seated structural problems that could weaken its geopolitical influence and strengthen the position of Western nations.