Spain’s Naturgy acquires US developer with 8GW solar project portfolio

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Naturgy/Twitter.

Spanish utility Naturgy has made its debut in the US’ renewables sector through the US$57 million acquisition of solar and storage developer Hamel Renewables.

The deal includes Hamel’s portfolio of 8GW solar and 4.6GW of energy storage projects across nine US states. Some 25 of the projects, representing 3.2GW of solar and 2GW of storage, could be operational before 2026.

Naturgy said it will invest up to US$1.8 billion over the next five years to reach an operational capacity of 1.6GW of solar energy in the US by 2025.

As part of the transaction, Naturgy has also entered into a five-year development agreement with Candela Renewables, a PV project developer founded in 2018 by former First Solar employees.

Naturgy executive chairman Francisco Reynés said the deal is a “considerable step forward” towards achieving the firm’s 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.”

According to Naturgy’s website, the company had 403MW of installed solar capacity at the end of 2019, distributed between Spain and Brazil. This is compared to 9.8GW of combined cycle capacity and 1,891MW of wind.

The utility last month announced a partnership with Enagás to develop a green hydrogen facility next to a 400MW solar project in Spain. The installation will have an electroliser of up to 60MW and be constructed near the site of a a coal-fired plant in the Castilla y León region that Naturgy shut last year.

The company’s expansion in the US comes as the country is expected to post a record 19GW of new utility-scale PV additions this year. A recent study from the Solar Energy Industries Association and Wood Mackenzie forecasts solar capacity additions in the country to rise 43% year-on-year, as the sector recovers from the worst impacts of coronavirus.

Read Next

April 8, 2021
The US Department of the Treasury has revealed how new renewable tax incentives will be paid for by a tax raid on the fossil fuel industry, eliminating subsidies for oil and gas companies.
March 31, 2021
Renewables investor Cubico Sustainable Investments has completed its acquisition of a European 272MW solar power platform called Grupo T-Solar from I Squared Capital.
March 30, 2021
Local authorities in New South Wales, Australia, have given French independent power producer Neoen the green light to develop a large scale solar-plus-storage production facility in the region despite receiving 50 complaints from members of the public.
March 23, 2021
Lightsource bp has been selected to build, own and operate seven solar arrays in Pennsylvania that will provide nearly half of the state government’s electricity.
March 22, 2021
A subsidiary of EDP Renewables has signed a build-transfer agreement with Northern Indiana Public Service Company (NIPSCO) for the development of a 200MWac solar park in the US state of Indiana.
PV Tech Premium
March 17, 2021
California’s path to a carbon-free electricity will require record-breaking solar deployment for the next 25 years. But as solar installs stay above track, what else is needed for California to reach its zero carbon goal? A new joint report has the answers.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET