Pontegadea, owned by Amancio Ortega, becomes a shareholder of Enagás Renovable

Amancio Ortega's investment company, Pontegadea, has joined the shareholding of Enagás' renewable energy subsidiary (Enagás Renovable) by acquiring 5% of the company.

NewsEditor
NewsEditor
27 July 2022 Wednesday 02:58
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Pontegadea, owned by Amancio Ortega, becomes a shareholder of Enagás Renovable

Amancio Ortega's investment company, Pontegadea, has joined the shareholding of Enagás' renewable energy subsidiary (Enagás Renovable) by acquiring 5% of the company. Thus, the investment arm of the founder of Inditex strengthens its ties with Enagás, a company of which he is a shareholder -the main one together with the State Society of Industrial Participations- since 2019.

Pontegadea's entry into the subsidiary of the energy company occurs on the same day that the company announced that in the first half of the year it earned 215.5 million euros, which represents an increase of 1.1% compared to a year ago.

The landing of Ortega's investment vehicle in the shareholding of Enagás Renovable, explains the company, "reinforces" the fulfillment of the objective "of giving entry to new reference investors". Recently, the energy company also closed the entry into the shareholding of its subsidiary of the 'joint venture' Hy24 of Ardian and FiveT Hydrogen, the largest investment platform in renewable hydrogen infrastructure in the world.

In a conference with analysts, the CEO of Enagás, Arturo Gonzalo Aizpiri, assured that Pontegadea's entry into the capital of the renewables subsidiary has been made "at the same price" as that of Hy24, representing an amount of 3.5 million euros and not giving rise to any capital gain, "since this was brought to the fore with the entry of H24".

After these two operations, the shareholding composition of Enagás Renovable has Enagás as its majority investor, with 65% of the shares, followed by Hy24, which owns 30%, and Pontegadea, with the remaining 5%.

Likewise, Gonzalo highlighted that the entry of Pontegadea occurs at "a crucial moment" for the development of renewable gases in Spain, "in line with the Hydrogen and Biogas Roadmap of the Government of Spain and with the objectives of the European strategy REPowerEU".

With this operation, Pontegadea continues to strengthen its investments in the energy sector where, in addition to the 5% it already owns in Enagás, it also has another 5% stake in the Redeia group -former Red Eléctrica Corporación- as well as 12% in the capital of Redes Energéticas Nacionais (REN), the Portuguese electricity grid operator.

In addition, in November last year, Amancio Ortega's investment vehicle closed an agreement with Repsol to partner in the Delta wind farm by investing 245 million euros to take a 49% stake in the project.

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