Naturgy Energy Group SA, Madrid, Spain, formerly Gas Natural Fenosa, plans to invest up to $1.8 billion in the U.S. over the next five years after entering the country’s renewable-energy market with the acquisition of solar-energy developer Hamel Renewables LLC, Marketscreener.com reports.
The Spanish energy company said Friday that the acquisition, which values Hamel Renewables at $57 million, includes a portfolio of 8 gigawatts of solar projects that counts 4.6 gigawatts of energy-storage projects across the U.S.
As part of the transaction, Naturgy has also signed an agreement with U.S. solar company Candela Renewables, LLC, San Francisco,California, that comprises the development of solar and energy-storage projects exclusively for Naturgy for five years.
The goal is to reach an operational capacity of 1.6 gigawatts of solar energy in the country by 2025 and retain the option to add up to 8 gigawatts of solar energy projects until 2030, Naturgy said.
