Hours after Repsol disclosed the sale of its Canadian fossil assets for 433 million euros, the company announced a new expansion in the United States by acquiring a renewable energy developer. Repsol agreed to acquire the US based ConnectGen for 768 million dollars, roughly 715 million euros, from Quantum Capital Group. This move is poised to strengthen Repsol’s international footprint and support the company’s goal of installing 20,000 megawatts of capacity by 2030. Completion is expected by year end, pending the usual regulatory clearances.
Repsol sells Canadian exploration and production assets to Peyto for 433 million euros
Based in Houston, ConnectGen is a renewable energy developer with a multi-technology approach and strong in-house development capabilities, with a particular focus on onshore wind projects in the United States. Its portfolio includes about 20,000 MW of onshore wind, solar energy, and energy storage projects at various stages of development. This portfolio marks Repsol’s entry into onshore wind energy in the United States, a market widely recognized for its growth potential.
Repsol is expanding its presence as a project developer in North America after entering the United States in 2021 by acquiring a 40 percent stake in Hecate Energy, a solar and energy storage company. The combined portfolio exceeds 40,000 MW of energy storage projects in development.
The United States has become a priority market for Repsol, especially in light of policy incentives introduced by the Biden administration. The Inflation Reduction Act has provided a favorable environment for clean energy investments. Repsol currently operates with a capacity of 245 MW in the United States, with plans to reach 2,000 MW by 2025 and 8,000 MW by 2030.
CEO Josu Jon Imaz emphasized that this acquisition targets markets with the strongest growth potential. He described the move as part of a broader strategy to transform the industry. The goal remains to become a net zero company by 2050 while continuing profitable growth, diversifying energy sources, and delivering value to shareholders. The ConnectGen leadership and the ConnectGen team will join Repsol Renewable Energy as part of the integration.