Candela Partners with Naturgy

When we founded Candela Renewables three years ago, we set out to create a business that would advance the development of utility-scale solar power across the U.S. We assembled a first-class internal team to deliver on that vision, and today are excited to announce we’ve secured a new partner: Naturgy Energy Group, a global energy company based in Spain with over 175 years of experience, a roughly $20 billion market capitalization and 18 million customers in over 20 countries. We’re thrilled to be Naturgy’s partner in the U.S. 

Naturgy and Candela have formed a partnership which has completed the purchase of a pipeline of 3.2 GW utility scale solar projects and 2 GW of co-located energy storage. This includes 340 MWAC of solar and 50 MWAC / 200 MWh of co-located storage with executed or awarded PPAs across 3 projects and an additional 260 MWAC shortlisted or in bilateral negotiations.

Candela has been developing projects for this pipeline across the U.S. since June of 2018. The partnership has also entered into a five-year Development Services Agreement with Candela to continue developing the pipeline of projects across the U.S.

Having Naturgy as a strategic investor is a milestone in Candela’s evolution. It broadens our access to capital, and offers our clients the scale and a long-term owner they may want as we create the energy infrastructure of the future. For Naturgy, this relationship will open the door for them to bring their vast expertise to bear on one of the most exciting solar markets - the U.S. - which is their key focus as Naturgy expands beyond their strengths in electric and natural gas to sustainable power.  

For Candela, it’s a great start to 2021: this partnership represents a strong endorsement of the experience and vision of our team, the value of our collective hard work, and the potential for our market. We are excited about working with a world-class energy company to deliver on our solar and storage development strategy in the U.S. It’s the beginning of big things to come.

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