Gas Natural Fenosa unveils renewable energy subsidiary

Barcelona (ACN).- The company Gas Natural Fenosa presented its new subsidiary for renewable energies this Thursday in Barcelona. Gas Natural Fenosa Renovables is a result of the merger of Gas Natural and Unión Fenosa ultimated before summertime. Gas Natural Fenosa Renovables joins together the renewable energy assets of the merged giants with 50% of the company Eufer, after Italian Enel has ended its collaboration. The new company’s managers have stressed their will to reach a geographic diversification. They assured that they also have many other projects in the works and plan to multiply their presence in Spain by 2.6% in the next 4 years. Gas Natural Fenosa Renovables also announced its collaboration with the company Alstom Wind in the Aeolian Competition of Catalonia.

The general director for wholesale of Gas Natural Fenosa, Manuel Fernández, assured that renewable energy is an important business for the most advanced economies. He added that Mediterranean Europe is the most important area for the group, but that there is still a deficit that needs a push. For this reason, Gas Natural Fenosa is promoting renewable energies.

Gas Natural Fenosa Renovables was born out of the merger of the companies Gas Natural and Unión Fenosa. It puts together all their assets related to renewable energies. It also assumes 50% of the company Eufer, sharing a part of it with Enel. Gas Natural Fenosa Renovables is now the 5th national operator in the sub sector with some 1,000 Megawatts.

Fernández explained that the new company’s priorities will be investing in economically sustainable Aeolian energies, cogeneration and mini-hydraulics. Despite this, he stated that the group also intends to invest in researching technologies that have the potential to reduce costs on the mid-term, such as thermo-solar and biomass energies.

The priority market for the company is Spain. Gas Natural Fenosa already has 4,000 megawatts of power linked to projects in the process of being built or already presented at competitions. At an international level, they are developing projects in Mexico, Panama, Chile, Portugal and Australia. Fernández said that the company is also looking into possibilities in Brazil, Colombia and the United States. According to him, the company’s foreign relations will centre on countries that already have synergies with other businesses of the group. Fernández did not say whether or not the new company will carry out acquisitions. The group’s objective is to eventually make renewable energies 20% of its entire business.

Collaboration with Alstom Wind

They also presented the Societat Eòlica Tramuntana, a company created jointly with Alstom Wind. Gas Natural Fenosa Renovables has control of 60% of the company. The other 40% is controlled by another multinational with its headquarters in Catalonia. The company was created for the Aeolian Competition of Catalonia, which currently has 20 projects presented at the competition. The competition represents 702 megawatts of power. According to the director of Gas Natural Fenosa Renovables, Javier Serrano, they are interesting projects that make use of the resources of the territory.