Hy24, the world’s largest sustainable hydrogen investment platform, has agreed to acquire a stake in Enagás Renovable in order to accelerate the growth of the company’s premier renewable-to-gas technology.
Hy24, a joint venture between Ardian and FiveT Hydrogen, will invest through its Clean H2 Infra Fund in Enagás Renovable, acquiring a 30% interest, while Enagás retains 70%. Spain combines affordable renewable energy sources with an appealing market for hydrogen, which is used in a variety of industrial applications.
Enagás Renovable, a subsidiary of Enagás, was created in 2019 and currently manages a portfolio of over 50 unique renewable gas and decarbonization projects around Spain, making it one of the major European platforms for renewable-to-gas projects. The most advanced projects total more than 750 MW of electrolysis capacity with a Commercial Operation Date (COD) between 2023 and 2026, accounting for approximately 20% of Spain’s hydrogen capacity targets by 2030. The portal is planned to operate as a clearinghouse for significant green hydrogen initiatives in Spain.
Antonio Llardén, President of Enagás, said: “This agreement with Hy24 is a milestone on the path that Enagás started in 2017 to drive and develop initiatives based on renewable gases. With this operation, Enagás adds hydrogen and biomethane experience and know how, as well as energy infrastructure management to Ardian’s experience in asset management and FiveT Hydrogen’s knowledge of the hydrogen value chain. This agreement will allow us to start up joint hydrogen projects to contribute to a just energy transition and to decarbonize future energy”.
Pierre-Etienne Franc, CEO of Hy24 said: “We are very proud of this strategic partnership with Enagás. We expect this joint venture to accelerate the realisation of large green power-to-hydrogen projects in Spain to help decarbonise both industry and transport sectors. The quality of the Enagás Renovable’s team, the pipeline of projects and the unmatched position of Enagás in the energy ecosystem in Spain and other Spanish speaking territories are strong levers for sustainable value creation at the heart of the global energy transition”.
Juan Angoitia, European Co-Head of Ardian Infrastructure said: “This alliance between Hy24 and Enagás is a strong move ahead for our approach to energy transition at Ardian. Hy24 is the front runner of hydrogen infrastructure funds, and we are proud to support Hy24’s moves with Enagás, a world class player, with deep roots in Spain, a key country for infrastructure development and investment for Ardian”.
All of Enagás Renovable’s initiatives adhere to Spain’s Hydrogen and Biogas Road Maps. The company already operates many test facilities, including Green Hysland Mallorca, Spain’s first Hydrogen Valley, which will open in 2022 using electrolyzers.
Ardian and FiveT Hydrogen founded Hy24 to manage the Sustainable H2 Infra Fund, the world’s largest fund dedicated only to clean hydrogen infrastructure solutions. The Fund was established with significant backing from leading industrial participants in the hydrogen energy sector. Hy24’s industrial expertise enables it to accelerate the scaling up of hydrogen solutions across the whole value chain: production, conversion, storage, supply, and usage.
Hy24 invests in big early-stage and strategic projects that have the potential to become critical energy infrastructure. The Clean H2 Infra Fund has already raised €1 billion in capital and anticipates leveraging ten to fifteen times additional investment in the hydrogen industry through partnerships such as the one with Enagás Renovable. This transaction followed the initial investment earlier this month in a 200 million euro fund raise by the German company Hy2gen AG.
This partnership will enable Enagás Renovable to expand its presence in the non-electric renewable energy industry, so contributing to the company’s, the Spanish government’s, and the European Union’s decarbonization targets.
