Naturgy has acquired 100% of the economic interests in Hamel Renewables, a solar and energy storage development platform in the United States. The transaction represents Naturgy’s first investment in the US renewable energy market and demonstrates the company’s firm commitment to developing its renewables portfolio internationally, focusing on stable geographies and early stage of development projects.
Hamel Renewables holds a portfolio of 8 GW solar projects together with 4.6 GW of energy storage projects spanning 9 states in the U.S, of which 25 projects totaling 3.2 GW of solar and 2GW storage could be operational before 2026.
Naturgy plans to invest up to US$1.8bn over the next five years to reach an operational capacity of 1.6 GW of solar energy in 2025, while it also retains the option to develop the remaining pipeline adding up to 8 GW of solar energy projects until 2030.
As part of the transaction, Naturgy has also entered into a five-year development agreement with Candela Renewables, made up by former directors from First Solar, which has a proven track record in the development of solar and energy storage projects in the U.S, with a team holding over 20 years of experience. The agreement enables the development of solar and energy storage projects exclusively for Naturgy.
“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”, stated Naturgy’s Executive Chairman, Francisco Reynés.
The transaction is not subject to any regulatory approvals or competition clearance and thus signing and completion occurred simultaneously.
