Quantum Capital Group’s global renewable energy development platform, 547 Energy, has sold ConnectGen, a specialist in US onshore wind projects, to Spain-based energy and petrochemicals multinational Repsol in a deal worth $768m.
The transaction is part of Repsol Renewables’ strategy to grow its renewable energy business and will contribute to its goal of reaching 20,000 MW of installed renewable generation capacity by 2030.
Based in Houston, Texas, ConnectGen’s development pipeline includes 20,000 MW of onshore wind, solar and energy storage projects at different levels of maturity.
The acquisition of ConnectGen provides Repsol with a wind power growth platform that complements the solar and storage development capabilities acquired through the purchase of a 40% stake in Hecate Energy in 2021.
The deal is expected to close before end of the year, subject to customary regulatory approvals.
Guggenheim Securities LLC served as financial advisor and Baker Botts LLP served as legal counsel to Repsol. Wells Fargo Securities LLC and Nomura Securities International Inc served as financial advisors and Kirkland & Ellis LLP served as legal counsel to Quantum, 547 Energy and ConnectGen.