Clean hydrogen investment fund Hy24 has increased its stake in Spanish green gas developer Enagás Renovable to 80% in a €48m ($56.5m) deal with grid operator Enagás.
Hy24 increased its shareholding from 30% through its Clean Hydrogen Investment Fund, with plans to support green hydrogen exports from the Iberian Peninsula to France and Central Europe.
Enagás Renovable was set up by Enagás in 2019 to focus on green hydrogen and biomethane projects. It currently has a portfolio of over 850MW green gas projects, including eight that have passed final investment decision (FID).
© Enagás Renovable
These include a stake in oil and gas firm Moeve’s first 300MW phase of its 1GW Spanish hydrogen hub, which reached .
The investor said these projects “underpin” plans for the project, which aims to export millions of tonnes of green hydrogen per year from the Iberian Peninsula to France and onto Germany.
Hy24 took its original 30% stake in 2022 to support the deployment of green gas projects. Enagás’ stake has now been reduced to 20%.
Spain has been establishing itself as a key potential supplier of green hydrogen to wider Europe, using its low-cost renewables to produce cost-competitive molecules.
“By increasing our stake in Enagás Renovable, we are reaffirming the strength of Franco-Spanish cooperation as a key enabler of European energy interconnectedness and security,” said Pierre-Etienne Franc, CEO of Hy24.
Enagás announced it would look to divest the subsidiary in its 2025–2030 strategic update to comply with EU unbundling rules, while it works on building out Spain’s national hydrogen pipeline network.
EU gas unbundling rules enforce the legal separation of gas transmission network operations from production and supply activities to ensure fair competition.
The gas operator said the €48m sale would generate a €9.5m ($11.2m) positive impact on its earnings after tax in 2026.
At the same time as selling the stake, it acquired 31.5% of French gas operator Teréga from Singaporean wealth fund GIC for €674.65m ($794m). Enagás said the deal was “fully compatible” with its plans to invest €3.13bn ($3.7m) in hydrogen infrastructure by 2030.
