Spain's Naturgy buys firm with 12.6-GW solar, storage portfolio in US

Solar park in California using thin film modules. Author: Russ Ferriday. License: Creative Commons. Attribution-ShareAlike 2.0 Generic

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)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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