Spanish energy company Repsol has signed an agreement to acquire ConnectGen, a US-based renewable development company, from Quantum Capital Group for a consideration of $768m (€717.58m).

ConnectGen’s development pipeline includes 20GW of onshore wind, solar and energy storage projects, which will help Repsol to meet its target of 20GW of renewable capacity by the end of the 2020s.

The ConnectGen team will join Repsol, providing their expertise on the business and the US industry and contributing to the company’s successful future growth.

Repsol CEO Josu Jon Imaz stated: “This transaction is another step in our firm commitment to transforming our industry and becoming a zero net emissions company by 2050 while maintaining our profitable growth, diversification and multi-energy focus and ensuring shareholder returns.

“The addition of ConnectGen accelerates our commitment to renewable generation in one of the markets with the greatest potential for future growth.

“In that sense, bringing on board its valuable team of experts is key to ensure our successful future growth with robust profitability in the market.”

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By GlobalData

The deal is part of Repsol’s strategy to bolster its position in the global renewable energy space and increase its global footprint.

Quantum Capital Group founder and CEO Wil VanLoh stated: “Quantum is committed to driving forward the energy transition by building best-in-class platforms in the renewable energy and climate tech space.

“It has been a privilege to work alongside Caton Fenz [ConnectGen’s CEO] and the entire ConnectGen team to build one of North America’s leading renewable energy development platforms.

“All of us at Quantum and 547 Energy are looking forward to watching Repsol convert these development projects into operating assets that will help power the American economy with clean renewable electricity over the next decade.”

The deal is expected to close by the end of 2023.