Naturgy Enters US Renewables Market Along With Local Firm Candela Renewables

Renta 4 | This week could see Naturgy finalising its entrance into the US firm Candela Renewables, valued at 80-100 million dollars, according to Reuters. This is a platform for the development of renewable projects, founded in 2018 by former employees of First Solar and Nextlight, and which has launched 26 projects to date. In the absence of further details on the possible operation, we would favourably consider the entry into the US market on a quality basis. This is thanks to a team with experience in the region and a portfolio that requires significant investment in the coming years (3.6 GW solar and 2.2 GW storage, in PPA format with clients such as Microsoft and Apple).

The transaction would allow Naturgy to make profitable the cash generated by its strategy of divestment of non-strategic assets. However, it cannot be ruled out that the company could take advantage of a possible acceleration in renewables investments in the US after Biden’s victory in the November elections. Naturgy has an installed renewable capacity of about 3 GW mainly in Spain, Australia and Chile. So this acquisition could also mean an important quantitative leap.