Spain-based energy group Naturgy has acquired 100% of the economic interests in Hamel Renewables, a renewable energy company specialising in solar and energy storage. This transaction marks Naturgy’s entry into the United States renewable energy market as this is its first investment here.

As part of this transaction, Naturgy gets Hamel Renewables’ portfolio of 8 GW solar projects together with 4.6 GW of energy storage projects spread across 9 states in the United States. Out of this, 25 projects totaling 3.2 GW of solar and 2 GW storage are expected to be operational before 2026.

Over the next five years, Naturgy plans to achieve 1.6 GW of operational solar power capacity by investing up to $1.8 billion. At the same time, it also has the option to develop the remaining pipeline and add up to 8 GW of solar energy projects until 2030. Further, through this transaction, Naturgy and Candela Renewables also have a five-year development agreement which enables the development of solar and energy storage projects exclusively for Naturgy by the latter.

Naturgy Group is engaged in the generation, distribution and marketing of energy and services and operates in regulated and deregulated gas and electricity markets. It has a presence in more than 20 countries. The company has an installed power capacity of 16.9 GW and a diversified electricity generation mix.

REGlobal’s Views: A recent study from the Solar Energy Industries Association and Wood Mackenzie forecasts solar capacity additions in the country to rise 43 per cent year-on-year, as the sector recovers from the worst impacts of coronavirus. 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.