Enagas closes sale of 30% in renewable gases unit to Hy24
Deal, business, corporate contracts
Spanish gas grid operator Enagas SA (BME:ENG) today announced that it has closed the sale of a 30% stake in its renewable gases subsidiary Enagas Renovable to the Hy24 joint venture (JV).
The clean hydrogen investment platform, jointly owned by Ardian and FiveT Hydrogen, gained the stake via a capital hike by Enagas Renovable in a deal that left Enagas with a capital gain of around EUR 50 million (USD 51.1m).
Hy24 made the investment through its Clean H2 Infra Fund.
“Our partnership with Enagas will help realise large green power-to-hydrogen projects in Spain to decarbonise industry and transport sectors. Completion of this deal, one of the first investments made by our Clean H2 Infra Fund, is an important step forward as Hy24 executes on its strategy to be a catalyst for investment in green hydrogen infrastructure,” commented Hy24 CEO Pierre-Etienne Franc.
The new shareholder gets a stake in a company that has more than 50 specific projects in the field of renewable gases and decarbonisation in Spain. Its most advanced green hydrogen projects represent more than 1,000 MW of electrolysis capacity, and could start commercial operation by 2026, according to Enagas.
Enagas last week presented its 2022-2030 strategic plan, putting Enagas Renovable’s projects and hydrogen infrastructure development on the list of top four areas it wants to see grow by the end of the decade. The company is prepared to spend roughly EUR 2.78 billion by 2030 to become not only the gas transmission system operator (TSO), but a leading hydrogen network operator (HNO) as well, it said.
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