Naturgy to invest $1.8bn in US after Hamel Renewables acquisition
Spanish power company Naturgy plans to invest up to $1.8bn in the United States after entering the country's renewables market with the $57m acquisition of Hamel Renewables.
According to the company, the purchase of the solar energy developer is what has pushed it to invest in the area.
It plans to make the investments over a five-year period, it said on Friday.
The Spanish company plans to grow its installed base in the United States to reach 1.6 gigawatts of renewable capacity by 2025 and up to 8 GW of solar capacity by 2030.
As part of the transaction, Naturgy has signed a five-year development agreement with Candela Renewables, a company that focuses on the development of solar and energy storage projects in the US.
"This operation is a significant step towards advancing our strategic objectives, and it is also done by incorporating a portfolio of good projects in different stages of maturity, as well as a team of professionals of proven excellence in the development field," the company's boss Francisco Reynés said on Friday.