The Spanish oil and gas company Repsol has signed an agreement to acquire the US renewable development company ConnectGen for US$768m (€715m) from Quantum Capital Group’s global renewable energy development platform, 547 Energy, entering the US onshore wind market. ConnectGen’s development pipeline comprises 20,000 MW of onshore wind, solar and energy storage projects at different levels of maturity across the US energy regions. The transaction, which is subject to customary regulatory approvals, should close by the end of 2023.
Repsol entered the US energy market in 2021 with the purchase of 40% of Hecate Energy; this company is specialised in the development of photovoltaic solar and battery projects for energy storage and has a portfolio of projects totalling more than 40,000 MW.
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