Naturgy enters the US with the purchase of a solar company and an investment of 1,400 million

Specifically, Hamel Renewables has a portfolio of 8 GW solar projects along with 4.6 GW of energy storage projects located in nine states, of which 25 projects for a total of 3.2 GW solar and 2 GW storage could be operational before 2026. The transaction represents an ‘Enterprise Value’ of $ 57 million (46.9 million euros) for 100% of the vehicle.

As part of the transaction, Naturgy has also signed a five-year development agreement with Candela Renewables, made up of former First Solar executives and who has a proven track record in developing solar and energy storage projects in United States, including several of the projects in the portfolio acquired by Naturgy. In this way, Candela signs an exclusive agreement with Naturgy for the next five years, while Naturgy enters the US market with a first-rate development partner in the United States.

Naturgy plans to invest up to $ 1.8 billion (1,483 million euros) during the next five years to have an operating power of 1.6 GW in 2025, while maintaining the possibility of developing the rest of the projects of the vehicle acquired up to a total of 8 GW of photovoltaic energy until 2030 The company has highlighted that this transaction represents its first investment in the renewable energy market in the United States and demonstrates its commitment to growing in renewable energy, focusing on stable geographies and projects in the initial phase of development.

“This operation is a significant step to advance our strategic objectives, and it is also done by incorporating a portfolio of good projects in different stages of maturity, as well as a team of professionals of proven excellence in the development field”, the president of Naturgy has highlighted, Francisco Reynés. The transaction is not subject to any regulatory approval or competition authorization and, therefore, the signing and closing were carried out simultaneously.