Hy24 and Cofides buy 29% stake in Moeve’s 300MW Onuba project

Investor Hy24 and Spanish financial institution Cofides will buy a combined 29% stake in Moeve’s 300MW Onuba green hydrogen project in southern Spain.

The stake will see the pair shoulder around €290m ($334.6m) of its first phase’s total €1bn ($1.15bn) investment value.

The project, the flagship of the Andalusian Green Hydrogen Valley, is due to break ground on Thursday (17 September) following its March (FID).

Onuba’s site in Huelva, which Moeve could upgrade to 405MW depending on grid capacity, forms one piece of the Hydrogen Valley ultimately planned for a capacity of 2GW across two sites.

The company is already planning a second development in nearby Cádiz.

Backed by €304m ($351m) in Spanish government funding via the EU’s NextGeneration EU programme, the first phase is set to produce around 45,000 tonnes of green hydrogen per year.

Specific offtakers remain to be confirmed, but Moeve previously revealed early-stage deals with fertiliser major Fertiglobe and energy firm Getec.

Hy24 owns stakes in projects and firms across the hydrogen value chain, including a 20% portion of the OPAL hydrogen pipeline conversion project from Uniper.

Cofides is a Spanish state-owned investment vehicle which manages public funds to promote sustainable global development. In August, it ($173m) into Hydnum Steel’s 2.7 million tonne green hydrogen-based steel mill in Puertollano.

Spain’s green hydrogen sector continues to grow as the country aims to position itself as a European hydrogen hub, using strong renewable resources, port infrastructure, and rising domestic demand.

In July, it approved renewable fuel of non-biological origin , including green hydrogen, which are set to hit 11% by 2040.