Spain’s Repsol said this week it had made an entry into the US onshore wind market with the acquisition of renewable energy developer ConnectGen from Quantum Capital for $768 million.
According to Repsol’s Chief Executive Officer Josu Jon Imaz, the acquisition “accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth.”
ConnectGen’s 20 GigaWatt in planned onshore wind, solar and energy storage projects are expected to aid the Spanish oil major in reaching its goal of generating 20 GW of installed renewables capacity by the end of 2029.
At present, the company has 2 GW of renewables in operations and another 3 GW under construction.
The acquisition came one day after Repsol agreed to sell its Canadian oil and gas assets to Peyto.
The transaction is to be finalized by the end of the fourth quarter.
The shares of Repsol (REP) were last inching down 0.03% (EUR 0.005) to trade at EUR 14.620 in Madrid on Friday, following a 0.17% gain in the previous market session.
The oil major’s total market cap now stands at EUR 18.467 billion.
The shares of Repsol went up 42.30% in 2022, compared with a 5.56% loss for the benchmark index, IBEX 35 (IBEX).
The Spanish company’s shares have retreated 1.55% so far this year.
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