Enagás sells 30% of its renewables subsidiary to the Hy24 platform

Enagás has sold a 30% stake in its renewable subsidiary Enagás Renovable to Hy24, a joint venture between the Ardian fund and green hydrogen investor FiveT.

NewsEditor
NewsEditor
21 July 2022 Thursday 03:06
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Enagás sells 30% of its renewables subsidiary to the Hy24 platform

Enagás has sold a 30% stake in its renewable subsidiary Enagás Renovable to Hy24, a joint venture between the Ardian fund and green hydrogen investor FiveT. With this operation, the Spanish gas operator will obtain a capital gain of around 50 million euros (51.2 million dollars).

According to a statement sent yesterday to the National Securities Market Commission, the sale has been closed through a capital increase in Enagás Renovable in order to allow Hy24 to enter it, which represents one of the largest investment platforms in clean hydrogen infrastructures.

The Spanish operator, chaired by Antoni Llardén and directed 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 board of directors of Enagás Renovable will be chaired by Marta Margarit, a professional with extensive experience in the energy sector. She was the general secretary of Sedigas until 2021. The subsidiary will also have Antón Martínez as CEO, until now director of Enagás Renovable y Servicios.

Gonzalo highlighted 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 decarbonise energy, helping to achieve the objectives of the Hydrogen and Biogas Roadmap of the Government of Spain and the objectives of the European strategy REPowerEU”.

Enagás and its new partners intend to develop green hydrogen and other decarbonisation projects. Earlier this month, the Spanish gas network operator said it expects to invest 4.76 billion euros between now and 2030 in projects to guarantee energy supply and decarbonisation. Likewise, he foresees an item of 205 million in its renewables subsidiary to invest in the production of green hydrogen and 85 million in 20 projects for the production of biomethane.

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 decarbonisation. Among them, the start-up of the first green hydrogen industrial plant in Spain, located in Lloseta (Majorca), stands out. As a whole, the most advanced Enagás Renewable projects represent more than a thousand megawatts (MW) of power.

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