Hy24 to acquire minority stake in Enagas' renewables unit

Image source: Enagas.

February 22 (Renewables Now) - Hy24, the clean hydrogen investment platform jointly owned by Ardian and FiveT Hydrogen, has agreed to acquire a 30% stake in the renewables arm of Spanish gas grid operator Enagas SA (BME:ENG)

The Hy24-managed Clean H2 Infra Fund will take part in a capital hike at Enagas Renovable to secure the minority interest and help the latter step up the development of its renewable-to-gas platform, an announcement on Tuesday says.

Set up in 2019, Enagas Renovable currently has over 50 specific projects throughout Spain in the fields of renewable gases and decarbonisation. Its most advanced schemes represent more than 750 MW of electrolysis capacity and are targeted for completion in the period 2023-2026. All of its projects align with the Hydrogen and Biogas Road Maps for Spain.

“With this operation, Enagas adds hydrogen and biomethane experience and know how, as well as energy infrastructure management to Ardian’s experience in asset management and FiveT Hydrogen’s knowledge of the hydrogen value chain,” commented Antonio Llarden, president of Enagas.

Enagas Renovable already has a number of test facilities such as Green Hysland Mallorca, the first Hydrogen Valley in Spain with electrolysers set to become operational this year.

To date, the Clean H2 Infra Fund has secured about EUR 1 billion (USD 1.14bn) of allocations and anticipates leveraging between 10 and 15 times more investment in the hydrogen sector through partnerships such as the one announced today, it said.

(EUR 1.0 = USD 1.137)

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