Naturgy Energy S A : is investing 264 million euros in its first photovoltaic plant in the United States, the company's largest in the world
05/18/2022 | 08:12am EDT
Naturgy is investing 264 million euros in its first photovoltaic plant in the United States, the company's largest in the world.
The company is starting construction work on a 300 MWdc facility, which will occupy an area of more than 800 hectares in the state of Texas and will be the company's largest facility using this technology in the world.
It is the company's first project in the United States and marks the beginning of the development of the solar and storage portfolio acquired from Hamel Renewables last year.
Naturgy has started construction of its first renewable energy facility in the United States, the 7V Solar Ranch photovoltaic plant, in the state of Texas, which will have an installed capacity of 300 MWdc. The project investment will amount to 264 million euros.
The plant, which is scheduled to begin commercial operation before the end of 2023, will cover an area of more than 800 hectares located in Fayette County in eastern Texas. The facility will consist of around 555,600 photovoltaic modules, which will generate 560 GWh of electricity per year. Naturgy's first photovoltaic plant in the United States will also be the company's largest in the world using this technology. Its strategic location, close to major urban centres such as Houston, Austin, San Antonio and Dallas, will allow it to serve an area of high potential and growing demand.
"Starting construction of this new facility is a milestone for Naturgy, not only because it is the first in the United States and the company's largest photovoltaic plant in the world, but also because it demonstrates our firm commitment to the development of renewable energies and the energy transition," explained Naturgy's chairman, Francisco Reynés.
With its entry into the United States and the progress of this new project, the company continues with its strategy to develop an international renewable portfolio focused on stable geographic regions and projects in the initial stages of development.
The project will have a significant impact on economic activity in the area, with the creation of an average of 200 jobs during construction work, reaching around 600 workers at times of peak workload.
First facility in the United States
Naturgy plans to invest more than 1 Bn euros in the United States over the next few years to reach an operating capacity of 500 MW by 2023 and 1,200 MW by 2025.
Last year, Naturgy acquired a portfolio of 25 projects in the United States, totalling more than 3.5 GW, and signed an exclusive five-year development agreement with Candela Renewables. This agreement enables the development of solar and energy storage projects exclusively for Naturgy, first of which is the one in Texas that has begun to be built.
Naturgy has made a major commitment to the development of renewable energies and plans to reach an installed capacity of 14 GW by 2025, up from the current 5.2 GW. The company's total investments rose to 1,484 million euros in 2021. Almost 65% of this amount - 952 million (up 30%) - was spent on growth and, most importantly, the development of gas and electricity networks, while also increasing the renewable installed capacity in Australia, Spain and the United States.
Naturgy Energy Group SA published this content on 18 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 May 2022 12:11:03 UTC.