Hydrogen-focused fund manager Hy24 and Spanish public-private financial institution COFIDES have formed a strategic partnership to acquire a 29% stake in Onuba, the first phase of Andalusian Green Hydrogen Valley, Europe’s largest renewable hydrogen project
Hy24 is making its investment via its Clean Hydrogen Infrastructure Fund, building on its investment in Spanish renewables firm Enagás Renovable, which will also be an investor in the project.
The development of the Andalusian Green Hydrogen Valley project is led by Moeve – the former Spanish petroleum company, Cepsa, that rebranded in 2024 as part of a strategic shift towards low carbon energy. Moeve has a 51% majority stake in the renewable hydrogen project with other investors including Enagás Renovable and Alter Enersun.
Following the Final Investment Decision for the Andalusian Green Hydrogen Valley project announced in March, Onuba will include 300MW of electrolysis capacity, with the option to expand by an additional 105MW — making it the largest electrolyser project in southern Europe to reach FID and begin construction.
The project, involving a total global investment of more than €1bn, is located within Moeve’s Energy Park in Palos de la Frontera (Huelva), in southern Spain. Preparatory work for the start of construction has already begun on the site and German company thyssenkrupp nucera is supplying 300MW of alkaline water electrolysis equipment and technology for the project.
Maarten Wetselaar, CEO of Moeve, said: “We are delighted to welcome Hy24 and COFIDES as strategic partners in the Onuba project. Together, our shared vision and investment will deliver one of the most significant green hydrogen projects in Europe, accelerating the hydrogen economy and supplying renewable fuels to hard-to-abate sectors to reduce our dependence on foreign imports and strengthen our domestic energy systems.”
Pierre Etienne Franc, co-founder and CEO of Hy24, said: “Onuba demonstrates that green hydrogen is scaling up through real industrial projects, delivering local benefits with tier-one Spanish partners. In a shifting geopolitical landscape, it strengthens Europe’s energy diversification and Spain’s strategic autonomy, while paving the way for a southwestern European hydrogen network.”
Ángela Pérez, chairwoman and CEO of COFIDES, said: “This project, led by Moeve with the support of Enagás Renovable and Alter Enersun, helps address some of the challenges facing green hydrogen and represents a decisive step forward for the development of the sector in Spain, accelerating its deployment.
“For COFIDES, it is a privilege to support Moeve, a leading company in the energy transition, through the Co-investment Fund, alongside Hy24, a highly specialised partner with strong international recognition.”
To read the latest IPE Real Assets magazine click here.
