Naturgy Energy a Spanish-based energy company has entered the U.S. renewable market with 25 projects that could enter into operations as soon as 2026. Naturgy enters the U.S. with the acquisition of U.S.-based solar and storage developer Hamel Renewables.
The acquisition will give Naturgy the operations of an 8GW solar portfolio and 4,6 GW of energy storage located across nine states of the U.S. From all of the projects, at least 25, with a 3,2GW of solar and 2GW of storage capacity could enter into operations in 2026, the company said in a statement.
Out of this transaction, Naturgy will invest up to $1,800 millions over the next five years to operate 1,6 GW of solar capacity by 2025. According to the company’s statement, it will also develop a pipeline to connect 8GW of solar potency by 2030.
Acquisition of Hamel Renewables also comes with a five-year development agreement with the company Candela Renewables; the agreement will allow the development of further solar and wind projects exclusively for Naturgy.
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Acquisition comes with an agreement between Naturgy Energy and Candela Renewables
Candela Renewables is a company formed by former First Solar executives, and it has a solid history in the development of solar and storage assets across the U.S. It has more than 20 years of experience in the field.
“This transaction is a considerable step forward towards achieving our strategic objectives. In addition to this, we incorporate a portfolio of excellent projects in different stages of maturity, as well as a first-class team with a proven track record in the development of projects,” said Francisco Reynes, CEO of Naturgy in a statement.
The U.S. solar market will be strengthened by this acquisition, as solar becomes one of the strongest sources of power in the U.S. According to the U.S. Energy Information Administration, renewable energy, in particular, solar, will account for the largest capacity additions in the U.S. grid for 2021.
The new installed capacity of solar in U.S. soil will surpass the 12 GW increase. Most of these new additions will be concentrated in Texas, with a 28%; Nevada, 9%; California, 9%; North Carolina, 7%.