- Press Releases
January 15 (Renewables Now) - Spanish power and gas utility Naturgy Energy Group SA (BME:NTGY) has made an investment debut in the US after acquiring a company that holds a portfolio of 8 GW worth of solar and 4.6 GW of co-located energy storage projects across nine US states.
Naturgy bought a 100% stake in solar and storage platform Hamel Renewables LLC in a transaction valued at USD 57 million (EUR 47m) and announced a plan to invest up to USD 1.8 billion to have 1.6 GW of Hamel’s solar projects up and running in 2025.
The acquisition deal is further seasoned with a five-year exclusivity development agreement that Naturgy signed with Candela Renewables, an independent developer founded by former First Solar Inc (NASDAQ:FSLR) executives.
Solar and storage-focused Candela has developed some of the projects in the Hamel portfolio, the company added.
The Hamel pipeline contains 25 projects, 3.2 GW of solar and 2 GW of storage, that could commence operation before 2026. Naturgy will spread its billion dollar-plus investment over a five-year period, while retaining the option to develop the rest of the acquired pipeline by 2030, the company said.
(USD 1.0 = EUR 0.824)