Hy24, the world’s largest clean hydrogen investment platform, has signed an agreement with Enagás, the Spanish energy infrastructure company, to become a shareholder in Enagás Renovable to accelerate the development of its leading renewable-to-gas platform.
The investment by Hy24, a joint venture between Ardian and FiveT Hydrogen, will be executed through its Clean H2 Infra Fund via a capital increase in Enagás Renovable, giving it a 30% stake, while Enagás retains 70%. Spain combines competitive renewable resources with attractive market opportunities for hydrogen, including diverse industrial applications.
Enagás Renovable, a subsidiary of Enagás, was founded in 2019 and has a portfolio of more than 50 specific projects throughout Spain in the fields of renewable gases and decarbonization, making it one of the largest European platforms for renewable-to-gas projects. The most advanced projects represent more than 750 MW of electrolysis capacity with a target Commercial Operation Date (COD) between 2023 and 2026, which represent around 20% of the Spanish hydrogen objectives in terms of installed capacity by 2030. The platform is expected to act as an aggregator for major Spanish green hydrogen projects.
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 Enagás Renovable’s projects are in line with the Hydrogen and Biogas Road Maps for Spain. The company already has several test facilities including Green Hysland Mallorca, the first Hydrogen Valley in Spain with electrolyzers that will be in operation in 2022.
Hy24 was created by Ardian and FiveT Hydrogen to manage the Clean H2 Infra Fund, the world’s largest fund exclusively dedicated to clean hydrogen infrastructure solutions. The Fund was founded with a strong support from key industrial players in the hydrogen energy field. With strong industrial expertise at its core, Hy24 has the unique capacity to accelerate the scaling up of hydrogen solutions along the whole value chain: production, conversion, storage and supply and usage. Hy24 supports large early stage and strategic projects to become essential energy infrastructure. The Clean H2 Infra Fund has already raised €1Bn of allocations and expects to leverage 10 to 15 times more investment in the hydrogen industry via partnerships like the one with Enagás Renovable. This deal follows the first investment made earlier this month in participating to the 200 million € fund raise of the German company Hy2gen AG.
This partnership will allow Enagás Renovable to increase its presence in the non-electric-renewable energy market, contributing to fulfilling the decarbonization targets set by Enagás, the Spanish Government and the European Union.