Naturgy to invest up to $1.8 billion in U.S. after $57 million acquisition

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FILE PHOTO: The logo of Spanish energy company “Naturgy” is seen in the door of its headquarters in Madrid, Spain, October 9, 2018. REUTERS/Sergio Perez

MADRID (Reuters) – Spanish power company Naturgy plans to invest up to $1.8 billion in the United States after making its first push into the U.S. renewable market with the $57 million acquisition of a solar energy developer, the company said on Friday.

Naturgy plans to make the investments over a five-year period, it said, as it announced the acquisition of Hamel Renewables LLC in a transaction that valued the firm at $57 million.

The Spanish company plans to grow to operate 1.6 gigawatts (GW) of renewable capacity by 2025 in the United States, and up to 8 GW of solar capacity by 2030.

($1 = 0.8234 euros)

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