Naturgy Plans to Invest Up to $1.8 Billion in US After Hamel Renewables Acquisition -- Update
January 15 2021 - 5:55AM
Dow Jones News
--Naturgy plans to invest up to $1.8 billion in the U.S. over
the next five years
--The Spanish energy company acquired U.S. solar-energy
developer Hamel Renewables in a deal that values the company at $57
million
--The transaction includes a five-year development agreement
with U.S solar company Candela Renewables
By Giulia Petroni and Kim Richters
Naturgy Energy Group SA 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.
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 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.
Write to Giulia Petroni at giulia.petroni@wsj.com and Kim
Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
January 15, 2021 05:40 ET (10:40 GMT)
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