Spain’s utility Naturgy has unveiled plans to invest $1.8 billion (£1.3bn) in renewables to enter the US clean energy market.
The company said it plans to make the investment over a five-year period, aiming to reach an operational capacity of 1.6GW of solar energy in 2025.
The announcement followed the purchase of the solar energy developer Hamel Renewables.
Hamel Renewables holds a portfolio of 8GW solar projects and 4.6GW of energy storage projects across nine states in the US.
Naturgy said 25 of the projects representing 3.2GW of solar capacity and 2GW of storage could be live before 2026.
Naturgy’s Executive Chairman Francisco Reynés said: “This transaction is a considerable step forward towards achieving our strategic objectives.”