Naturgy Energy S A : Plans to Invest Up to $1.8 Billion in US After Hamel Renewables Acquisition -- Update

--Naturgy plans to invest up to $1.8 billion in the U.S. over the next five years

--The Spanish energy company acquired U.S. solar-energy developer Hamel Renewables in a deal that values the company at $57 million

--The transaction includes a five-year development agreement with U.S solar company Candela Renewables

By Giulia Petroni and Kim Richters

Naturgy Energy Group SA plans to invest up to $1.8 billion in the U.S. over the next five years after entering the country's renewable-energy market with the acquisition of solar-energy developer Hamel Renewables LLC.

The Spanish energy company said Friday that the acquisition, which values Hamel Renewables at $57 million, includes a portfolio of 8 gigawatts of solar projects that counts 4.6 gigawatts of energy-storage projects across the U.S.

As part of the transaction, Naturgy has also signed an agreement with U.S. solar company Candela Renewables that comprises the development of solar and energy-storage projects exclusively for Naturgy for five years.

The goal is to reach an operational capacity of 1.6 gigawatts of solar energy in the country by 2025 and retain the option to add up to 8 gigawatts of solar energy projects until 2030, Naturgy said.

Write to Giulia Petroni at [e-mail] and Kim Richters at [e-mail]

(END) Dow Jones Newswires

01-15-21 0540ET