Spain's Repsol Enters U.S. Renewable Energy Market with ConnectGen Purchase

September 11, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--Spanish energy company Repsol (Madrid) is making moves into the U.S. market with last week's announcement of the company's planned purchase of ConnectGen LLC (Houston, Texas), a U.S. renewable energy developer currently part of private equity firm Quantum Capital (Houston). The move represents a further shakeup to Repsol's North American portfolio as also last week the company announced the sale of its Canadian oil and gas assets to Peyto Exploration and Development Corporation (Calgary, Alberta).

Repsol will purchase ConnectGen for $768 million in a deal that is expected to close by the end of the year. ConnectGen is a fairly active company in regard to project activity, with more than $3.5 billion worth of U.S. projects being tracked by Industrial Info.