By Kim Richters

Naturgy Energy Group SA said Friday that its subsidiary Naturgy Solar USA, LLC has acquired Hamel Renewables, LLC for $57 million.

As part of the deal, Naturgy said it has acquired a portfolio that includes eight gigawatt solar projects and has signed a development agreement with energy company Candela Renewables Inc. for the next five years.

The Spanish energy company said it plans to spend up to $1.8 billion in pipeline development and construction.

Write to Kim Richters at kim.richters@wsj.com

(END) Dow Jones Newswires

January 15, 2021 03:24 ET (08:24 GMT)