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MarketScreener Homepage  >  Equities  >  Bolsas y Mercados Espanoles  >  Naturgy Energy Group, S.A.    NTGY   ES0116870314

NATURGY ENERGY GROUP, S.A.

(NTGY)
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Spain's Naturgy nears deal to buy U.S. solar firm Candela Renewables -sources

01/13/2021 | 02:39pm EST

MADRID, Jan 13 (Reuters) - Naturgy is nearing a deal to buy U.S. solar firm Candela Renewables, two sources familiar with the matter told Reuters, marking the Spanish group's first ever deal in the United States, one of the markets where it wants to focus its expansion strategy in the next five years.

The transaction is expected to be finalised this week, one of the sources said, speaking on condition of anonymity as the matter is confidential.

Candela Renewables did not immediately respond to an email seeking comment.

The deal will serve as a springboard to the U.S. market and set Naturgy on a path to investing about $1.8 billion in clean energy projects in the next five years, one of the sources said.

U.S. President-elect Joe Biden has pledged to bring about a "clean energy revolution", shifting the world's biggest economy to a much greater reliance on wind and solar power generation.

Candela Renewables, which is based in San Francisco and was founded in 2018 by former First Solar employees, is valued at $80 million-$100 million, one of the sources said.

It specialises in renewable energy generation and storage. Its team has brought more than 26 utility-scale projects online in the United States, according to its website, which names Apple and Microsoft among offtakers for those projects.

Naturgy's earnings have been crimped over the last year as the coronavirus pandemic sapped energy demand, weighing on gas prices already floundering due to oversupply.

The Barcelona-born firm has cut costs, moved out of several countries and declared its intention to focus on renewable power sources and electricity grids in countries with stable regulation and macroeconomic conditions. ($1 = 0.8226 euros) (Reporting by Isla Binnie Editing by Pamela Barbaglia and Elaine Hardcastle)


© Reuters 2021
Stocks mentioned in the article
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APPLE INC. 1.61% 139.07 Delayed Quote.3.15%
FIRST SOLAR, INC. -0.80% 106.67 Delayed Quote.7.83%
MICROSOFT CORPORATION 0.44% 225.95 Delayed Quote.1.15%
NATURGY ENERGY GROUP, S.A. -1.00% 19.28 Delayed Quote.1.69%
US SOLAR FUND PLC 0.00% 80 Delayed Quote.0.00%
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Financials
Sales 2020 19 827 M 24 128 M 24 128 M
Net income 2020 936 M 1 139 M 1 139 M
Net Debt 2020 15 469 M 18 824 M 18 824 M
P/E ratio 2020 20,3x
Yield 2020 7,47%
Capitalization 18 527 M 22 553 M 22 545 M
EV / Sales 2020 1,71x
EV / Sales 2021 1,53x
Nbr of Employees 10 799
Free-Float 26,9%
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Technical analysis trends NATURGY ENERGY GROUP, S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 20
Average target price 19,91 €
Last Close Price 19,28 €
Spread / Highest target 27,1%
Spread / Average Target 3,29%
Spread / Lowest Target -19,1%
EPS Revisions
Managers and Directors
NameTitle
Francisco Miguel Reynés Massanet Chairman & Chief Executive Officer
Carlos Javier Álvarez Fernández Chief Financial Officer
Ramón Adell Ramón Independent Director
Francisco Belil Creixell Independent Director
Helena Herrero Starkie Independent Director
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