enaga completed the entry into its renewable energy subsidiary -Enagás Renovable- of Hy24, a “joint venture” formed by Ardian and FiveT Hydrogen, who will have a share of 30% equity, The company informed the National Securities Market Commission (CNMV). Specifically, Enagás completed a capital increase in Enagás Renovable to include Hy24, which represents the largest clean hydrogen infrastructure investment platform in the world.
The group led by Arturo Gonzalo Aizpiri will retain 70% of the share capital of Enagás Renovable, while Hy24, through the Clean H2 Infra fund, owns the remaining 30%. Additionally, the company announced that the board of Enagás Renovable will be chaired by Marta Margarita professional with extensive experience in the energy sector and secretary general of Sedigas until 2021, and will have Antón Martínez, until now director of Enagás Renovable y Servicios, as general manager.
Capital gain of 50 million
The energy company indicated that as a result of this operation, a capital gain for Enagás of approximately 50 million euros. This capital increase operation and the entry of Hy24 will allow Enagás Renovable strengthen its presence in the renewable gas market and contribute to achieving decarbonization objectives set by Enagás, the Spanish government and the European Union.
On July 12, on the occasion of the presentation of Enagás’ new 2022-2030 strategic plan, Gonzalo had already announced that the closing of this operation was to take place “during this month of July”. In February, Enagás has already entered into this agreement with Hy24 to become a shareholder of Enagás Renovable and accelerate the development of its renewable gas project platform.
Gonzalo stressed that the agreement allows Enagás “to accelerate the creation of a hydrogen market, promoting joint projects to contribute to a fair energy transition and to decarbonize energy, helping to achieve the objectives hydrogen of the hydrogen and biogas roadmap of the Spanish government and of the objectives of the European REPowerEU strategy”.
For his part, the CEO of Hy24, Pierre-Etienne Franc, said that the association with Enagás “will contribute to the realization of large-scale green hydrogen projects to decarbonize the industrial and transport sectors in Spain”. .
“The closing of this transaction, one of the first investments made by our Clean H2 Infra fund, is an important step that allows Hy24 is executing its strategy to act as a catalyst in green hydrogen infrastructure investment“, he added.
A portfolio of more than 50 projects
Enagás Renovable was founded in 2019 and has a portfolio of more than 50 specific projects in Spain in the field of renewable gases and decarbonization, making it one of the largest European platforms for renewable gas projects.
The Enagás subsidiary already has several pioneering projects, including the start-up of the first industrial green hydrogen plant in Spain, located in Lloseta (Majorca). The most advanced Enagás Renewable projects together represent more than 1,000 megawatts (MW) of electrolysis, have an estimated commercial operation date until 2026 and represent approximately 25% of the Spanish roadmap target on the hydrogen in terms of installed capacity by 2030.
In his new strategic plan, Enagás plans investments until 2030 through its subsidiary of 205 million euros in 30 renewable hydrogen production and decarbonization projects from all sectors, and 85 million euros in 20 projects for the production of biomethane and the promotion of waste management contribute to the development of a circular economy. A total of 290 million euros, of which 170 million correspond to the period 2022-2026.