Baker McKenzie advised Naturgy, a Spanish natural gas and electrical energy utilities company operating in more than 20 countries and with more than 19 million customers, on its acquisition of Hamel Renewables, a solar and energy storage development platform in the United States from Macquarie's Green Investment Group.
Hamel Renewables holds a portfolio of 8 GW solar projects together with 4.6 GW of energy storage projects spanning nine states, of which 25 projects totaling 3.2 GW of solar and 2GW storage could be operational before 2026. The transaction represents Naturgy’s first investment in the US renewable energy market.
Naturgy plans to invest up to USD 1.8 billion during the next five years to reach an operational capacity of 1.85 GW of solar energy in 2025, while it also retains the option to develop the remaining pipeline adding up to 8 GW of solar energy projects until 2030. As part of the transaction, Naturgy has also entered into a five-year development agreement with Candela Renewables, made up by former directors from First Solar, which has a proven track record in the development of solar and energy storage projects in the US, with a team holding over 20 years of experience. The agreement enables the development of solar and energy storage projects exclusively for Naturgy.
The Baker McKenzie team was led by Antonio Morales, José Moran, Lewey Popoff and Carlos Suarez, with support from Jonathan Farrokhnia, Matthew McCarthy, Maher Haddad, Christina Georgaklis, Injune Park, Rocío Rodríguez Ruiz, Stan Sirot, Brian Zurawski, Sarah Swain, John Watson, Jessica Wicha, Faye Williams and Shirley Chen.
Baker McKenzie's Global Projects Practice has extensive projects and natural resources experience. With more than 75 offices across 45+ countries in the Americas, Europe, Middle East, Africa and Asia, we have over 200 projects lawyers in our clients' most important locations, including key financial centers and market-leading teams in emerging jurisdictions.
For more information on this transaction, please see Naturgy's press release.