Repsol S.A.(OTC:REPYY) joins the U.S. onshore wind market by acquiring renewable energy platform ConnectGen, with a 20,000 MW pipeline and development capabilities, for $768 million.

The acquisition of ConnectGen from Quantum Capital Group is a new milestone in Repsol Renewables' strategy to strengthen its position as a global player in the renewable energy business.

For 2023, the company plans to allocate 35% of its investments to low-carbon projects. The fiscal contribution stood at €7.343 billion in the year's first half. Repsol issued most of its investments in the first half of the year to projects in Spain (43%) and the U.S. (39%).

Also Read: Repsol Mulls Selling 49% Stake In Spanish Wind Farm And Photovoltaic Power Plants

Through this transaction, Repsol will add an onshore wind power growth platform in the U.S. that complements Hecate Enegy's solar & storage development capabilities.

The deal reinforces its international portfolio to support its strategic target of 20,000 MW of installed capacity by 2030.

Also See: Repsol Spreads Footprint In Italy With First Renewable Project

"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," explains Josu Jon Imaz, CEO of Repsol.

Price Action: REPYY shares closed lower by 0.58% to $15.53 on Thursday.

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