Spain's Naturgy gets firm with 12.6-GW solar, storage space portfolio in US

• Spanish power and gas energy Naturgy Energy Group SA (BME: NTGY) has made a financial investment launching in the United States after getting a business that holds a portfolio of 8 GW worth of solar as well as 4.6 GW of co-located power storage projects across 9 US states.

Naturgy purchased a 100% risk in solar and storage space platform Hamel Renewables LLC in a purchase valued at USD 57 million (EUR 47m) as well as introduced a strategy to invest as much as USD 1.8 billion to have 1.6 GW of Hamel's solar projects up and running in 2025.

The procurement offer is more seasoned with a five-year exclusivity advancement contract that Naturgy signed with Candela Renewables, an independent programmer founded by previous First Solar Inc (NASDAQ: FSLR) executives.

Solar as well as storage-focused Candela has actually developed several of the projects in the Hamel portfolio, the business added.

The Hamel pipe has 25 projects, 3.2 GW of solar and also 2 GW of storage space, that can start procedure before 2026. Naturgy will spread its billion dollar-plus investment over a five-year duration, while maintaining the option to create the rest of the acquired pipeline by 2030, the business said.