Naturgy, a Spanish multinational energy giant, has announced the acquisition of Hamel Renewables for $57 million. While the deal price itself is small, the acquisition is part of a major investment in the United States.
Hamel currently has a portfolio of 8 GW of solar projects and 4.6 GW of energy storage projects. However, these projects are still in very early stages and will require significant investments in order to follow through.
As a result, Naturgy has committed to spending $1.8 billion in the U.S. over the next five years to get 1.6 GW of solar projects up and running. They will also retain the rights to add up to the 8 GW figure until 2030, allowing Naturgy to enter the American market with a series of projects in varying stages of development.