Repsol to acquire US renewable development company ConnectGen for $768 M.

Spain-based Repsol will enter the US onshore wind power market by purchasing of US-based ConnectGen for a total consideration of $768 M. It inked the deal with 547 Energy, a green power development platform held by private equity company Quantum Capital Group. ConnectGen is a renewable development entity, with a multi-technology way and complete in-house development capacities. Its development pipeline involves 20,000 MW of onshore wind, solar and energy storage farms at various levels of maturity across the attractive power regions in the US. The agreement would be finalized by end-2023, subject to some customary closing conditions, including regulatory approvals. In line with the acquisition, ConnectGen workers, including senior management, will be transitioned to the Repsol Renewables team. The deal will strengthen the firm's position in the green power business. ConnectGen's pipeline would back its entry into the US onshore wind sector, one of the world's top markets with the highest growth potential. The transaction will boost its global footprint and contribute to its target of meeting 20,000 MW of installed renewable production capacity by 2030. Guggenheim Securities acted as financial advisor and Baker Botts as legal counsel to Repsol, on the deal. Nomura Securities International and Wells Fargo Securities served as financial advisors and Kirkland & Ellis as legal counsel to 547 Energy, Quantum, and ConnectGen. Original Source: NS Energy, http://www.nsenergybusiness.com.