Hydrogen-focused fund manager Hy24 has increased its stake in Spanish renewables firm Enagás Renovable from 30% to 80%.
Hy24, through its Clean Hydrogen Infrastructure Fund, acquired the initial 30% stake in 2022, to support the deployment of a pipeline of renewable hydrogen and biomethane projects in Spain.
With Hy24 becoming the largest shareholder, Navantia and Pontegadea will exit their shareholding in Enagás Renovable as part of the transaction, having previously held a combined 10% stake in the firm.
Following the transaction, Enagás will remain a minority shareholder with a 20% stake.
Founded in 2019, Enagás Renovable operates as an integrated renewable gas platform, covering project development, financing, construction, operations and long-term offtake structuring. Its portfolio comprises more than 20 renewable gas projects, including over 850MW of electrolysis capacity.
Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “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, notably through the H2Med transnational hydrogen corridor project.
“Scaling locally produced low-carbon molecules is essential to industrial competitiveness and energy sovereignty while reducing our dependence on imported fossil fuels. We look forward to continuing to work with Enagás Renovable to mature the Spanish hydrogen ecosystem that holds huge potential to accelerate the next phase of European hydrogen development.”
Arturo Gonzalo, CEO of Enagás, said: “This evolution of our shareholding is a natural consequence of the maturity achieved by the Spanish ecosystem, in full compliance with the independence requirements for hydrogen network operators in Europe.
“It enables Enagás to fully focus on our role as Spain’s hydrogen transmission network operator and on developing strategic cross-border infrastructure such as H2Med – connecting the South and the North of Europe – while continuing to support Enagás Renovable as a minority shareholder alongside Hy24.”
Antón Martínez, CEO of Enagás Renovable, said: “In just a few years, Enagás Renovable has transformed an early-stage pipeline into a mature portfolio with multiple final investment decisions, operating projects and assets under construction.
“With Hy24’s increased commitment and the continued support of Enagás and partners, we are ready to accelerate delivery and scale competitive renewable hydrogen and biomethane for Spanish and European industry.”
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