A Fourth Estate® Service

Wednesday, February 24, 2021

Spanish Power Firm Naturgy to Invest $1.8 Billion in U.S.

Naturgy is planning to invest about $1.8 billion in the United States as it focuses to expand its presence in the U.S. renewable market after acquiring the solar energy firm Candela Renewables in a $57 million deal.

Madrid-based Naturgy Energy Group is planning to invest about $1.8 billion in the United States as it focuses to expand its presence in the U.S. renewable market after acquiring the solar energy firm Candela Renewables in a $57 million deal, the Spanish utilities giant announced on Friday.

According to the company, this plan is part of Naturgy’s aim to invest in green energy projects over the next five years.

In the investment plan, Naturgy would have an exclusive agreement with Candela Renewables for the expansion and development of Hamel’s portfolio, which comprises 8 gigawatts of solar projects and 4.6 GW of storage.

Two sources who spoke in condition of anonymity said that the Spanish power firm is expected to close its transaction with Candela by the end of the week.

Naturgy said that 25 of its anticipated projects – which represents 3.2 GW of solar capacity and 2 GW of storage – could be established and already functioning by 2026.

Article © 2021 Fourth Estate® — All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Recent Articles

Get the Daily NewsBrief in your inbox

Related Stories