Candela Renewables Completes Capital Raise, Partners with Naturgy Energy Group

Partnership in the U.S. Includes Acquisition of 3.2 GW Utility-Scale Solar Projects and 2 GW of Co-located Energy Storage Projects

SAN FRANCISCO–(BUSINESS WIRE)–Candela Renewables today announced a partnership with Naturgy Energy Group, a multinational energy company based in Spain, which includes the acquisition of a development pipeline of 3.2 GW utility scale solar projects and 2 GW of co-located energy storage projects. This pipeline 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. Prior to the transaction, Candela had been developing projects for this pipeline for 2.5 years.

The partnership between Candela and Naturgy includes the formation of a new entity to own the pipeline and the execution of a five-year Development Services Agreement for Candela to continue developing the projects across the U.S., bringing Naturgy’s over 175 years of expertise and multinational scale to the U.S. renewable energy space.

For more information on the agreement, please visit:

About Candela Renewables

Founded by former First Solar executives, Candela has one of the most accomplished teams developing utility-scale solar power projects in the United States. Since it was founded in 2018, Candela has assembled a portfolio of more than 3.6 GW of utility-scale solar projects and 2.2 GW of co-located energy storage showcasing their ability to deliver high-quality, well-developed projects.

Candela has in-house expertise across all stages of the development lifecycle and can efficiently bring projects to either NTP or COD through their focused, proven and differentiated development strategy.

For more information, visit


Sarah Ohlson, [email protected]

IT Business Net
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