Naturgy buys Hamel Renewables and enters the US renewable market

Naturgy, an energy company chaired by Francisco Reynés, has purchased 100% of the economic interests in Hamel Renewables, a solar energy and storage development platform in the United States. For Naturgy, this is its first operation in the US renewable energy market and demonstrates its firm commitment to the development of a renewable energy portfolio at an international level, focusing on stable geographies and on projects in the early stages of development.

Hamel Renewables has a portfolio of 8 GW solar projects together with 4.6 GW energy storage projects located in nine states in the USA, of which 25 projects, for a total of 3.2 GW solar and 2 GW storage, could be operacional before 2026.

Thanks to this transaction, Naturgy plans to invest up to 1,800 million dollars over the next five years in order to have an operational power of 1.6 GW in solar energy by 2025; at the same time, the company maintains the possibility of developing the remaining projects up to a total of 8 GW of photovoltaic energy until 2030.

As part of the operation, Naturgy has signed a five-year development agreement with Candela Renewables, formed by former directors of First Solar, which has a proven track record in the development of solar and storage assets in the country and has a team with more than 20 years of experience. The agreement enables the development of solar and energy storage projects exclusively for Naturgy.

“This operation is a significant step forward in 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 field of development”, explained Naturgy’s President, Francisco Reynés. The signing and the closing of the transaction have been carried out simultaneously since it is not subject to any regulatory approval or competition authorization.

Naturgy has recently been recognized, for the sixteenth consecutive year, as one of the most sustainable companies in the world, according to the Dow Jones Sustainability Index, the index that distinguishes those companies on the planet with best sustainability practices. On the other hand, it has continued to be awarded by the European Commission as one of the most environmentally friendly companies in the European Business Awards.

The company has been taking decisive steps to support the energy transition, moving towards a more sustainable energy mix for years. In 2019, the company was one of the first major energy companies to communicate the closure of all its coal plants and has become one of the main players in the commitment to clean energy.

Last year, the company became one of the main investors in renewables, with an investment of more than 1,000 million euros. It also increased the weight of these energies to 27% in its energy mix, with 4,500 megawatts, highlighting the strong deployment developed in Spain through the implementation of 667 MW of wind and 250 MW of solar energy, as well as projects being developed in Chile and Australia.

Naturgy plans to invest up to 1,800 million dollars (1,483 million euros) over the next five years in order to have an operational power of 1.6 GW in 2025, while maintaining the possibility of developing the rest of the projects of the vehicle acquired up to a total of 8GW of photovoltaic energy until 2030.

Other renewable energy projects

Recently, the company presided over by Francisco Reynés has been awarded contracts for different renewable energy projects in Australia, which will involve the development of a capacity of more than 400 MW, increasing its current installed capacity in the country by more than 150% and becoming one of the two most important independent wind energy producers in Australia.

In addition, the company has a project portfolio of more than 600 MW in the country and aims to become one of the main independent renewable energy operators in Australia over the next three years, reaching a total capacity of more than 1.3 GW.