Billionaire Amancio Ortega sets eyes on hydrogen with Enagas unit stake.
Zara founder Amancio Ortega acquired a stake in Enagas SA’s renewable energy unit as the textile billionaire bets on new types of energy.
Ortega’s family office Pontegadea bought 5% of the Enagas Renovable unit for an undisclosed amount, Madrid-based Enagas said in a press statement on Wednesday. Pontegadea already owns 5% of Enagas.
The investment marks a new step in Ortega’s push to diversify into energy in general, and clean energy specifically. In November, the family office bought a stake in Repsol SA’s Delta wind farm, adding to its stakes in Spanish and Portuguese gas and power network operators, such as Enagas.
Ortega is Spain’s wealthiest person with his 59% stake in fast fashion firm Inditex SA, the owner of the Zara chain, making up the bulk of his fortune. His dividends from Inditex are managed by Pontegadea, which has traditionally invested in real estate and transformed him into the biggest landlord among Europe’s super-rich.
Enagas Renovable is focused on the development of projects for new types of energy such as hydrogen and biogas. Earlier this month, the Hy25 joint venture formed by Ardian and FiveT Hydrogen acquired a 30% stake in the Enagas renewable energy unit through a capital increase of about 50 million euros ($51 million).
Although Enagas didn’t disclose the size of Pontegadea’s investment it is likely small, given that it was disclosed through a press release rather than a regulatory filing. In Spain, significant investments involving listed companies need to be disclosed publicly through the securities regulator’s website.
Highlights:
- Ortega’s family office bought a 5% stake in Enagas Renovable
- Zara founder Amancio Ortega is Spain’s richest person
READ the latest news shaping the hydrogen market at Hydrogen Central
Billionaire Ortega Sets Eyes on Hydrogen With Enagas Unit Stake, July 27, 2022
