By Joshua Kirby

Naturgy Energy Group SA is to invest 920 million euros ($1.09 billion) in its electricity networks in Spain as part of a drive toward digitalization and the energy transition.

The Spanish energy firm said Monday that it will invest the money via its electricity-distribution subsidiary UFD over the next three years to 2024.

A third of the money will go to digitalizing the network, another third to integrating the new generation of renewable energy and the remainder to connecting new consumers, Naturgy said. The investment will be focused principally on the north-western region of Galicia, and the rest on the central part of Spain including Madrid.

"For Naturgy, the energy transition is an opportunity," said Naturgy's director general of energy and network management, Pedro Larrea.

The transformation of distribution networks will allow better provision, as well as digital and more environmentally-friendly services for customers, he added.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

(END) Dow Jones Newswires

June 21, 2021 08:12 ET (12:12 GMT)