Enagás has sold a 30% stake in its renewable subsidiary Enagás Renovable to Hy24, a joint venture between fund Ardian and green hydrogen investor FiveT. With this operation, the Spanish gas operator will obtain a capital gain of approximately 50 million euros (51.2 million dollars).
According to a press release sent yesterday to the National Securities Market Commission, the sale was concluded with a capital increase of Enagás Renovable in order to allow Hy24 to enter it, which represents one of the largest platforms of investment in clean hydrogen infrastructure.
The sale was concluded with a capital increase in Enagás Renovable in order to allow Hy24 to enter it
The Spanish operator, chaired by Antoni Llardén and managed by Arturo Gonzalo Aizpiri, will retain 70% of the share capital of Enagas Renovable, while Hy24, through the Clean H2 Infra fund, will hold ownership of the remaining 30%.
Yesterday, Enagás also announced that the Enagás Renovable Board of Directors will be chaired by Marta Margarit, a professional with extensive experience in the energy sector. She was secretary general of Sedigas until 2021. The subsidiary will also have as CEO Antón Martínez, until now director of Enagás Renovable y Servicios.
Gonzalo stressed yesterday 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 of the roadmap for hydrogen and biogas of the Spanish government and of the objectives of the European REPowerEU strategy”.
The most advanced Enagás Renewable projects represent more than a thousand megawatts (MW) of power
Enagás and its new partners intend to develop green hydrogen and other decarbonization projects. Earlier this month, the Spanish gas network operator said it planned to invest 4.76 billion euros by 2030 in projects to guarantee energy supply and decarbonisation. Similarly, it provides for a position of 205 million in its renewable energy subsidiary to invest in the production of green hydrogen and 85 million in 20 biomethane production 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. Among them, the start-up of the first industrial green hydrogen plant in Spain, located in Lloseta (Mallorca), stands out. Overall, the most advanced Enagás Renewable projects represent more than a thousand megawatts (MW) of power.