Naturgy's entry into the US green energy market occurs in parallel with Joe Biden's arrival to the country's presidency, a vitally important element, since unlike Donald Trump, the new president is a great defender of renewables and wants to revolutionize the North American energy system, making it less dependent on hydrocarbons.
Investment of 1.8 billion dollars
According to Naturgy, the development of Hamel's portfolio will require an investment of 1.8 billion dollars in the US over the next five years. For the company, this purchase "demonstrates a firm commitment to the development of an international renewables portfolio, focusing on stable geographies and early-stage development projects." Until now, in the US, Naturgy only supplied gas, but had no direct presence in the electricity market.
"This operation is a significant step to advance our strategic objectives," highlighted Reynés, who has also signed an agreement with the solar park development company Candela Renewables to gain exclusive access to projects in the American market.
With a market capitalization of more than 19 billion euros, Naturgy ---formerly Gas Natural--- is controlled 24.79% by Criteria Caixa ---the investment holding of the "la Caixa" Banking Foundation---, by the GIP fund (20.6%) and by Rioja Bidco (20.7%), a company controlled by the CVC fund and by Corporación Financiera Alba (March family).
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