Hy24, Ardian and FiveT Hydrogen JV, and Enagás partner to accelerate development of green hydrogen economy, Hy24 to take 30% stake in Enagás Renovable.
Hy24, the largest investment platform in clean hydrogen infrastructure in the world, has signed an agreement with the Spanish energy infrastructure company Enagás, to become a shareholder of Enagás Renovable and accelerate the development of its renewable gas project platform.
The investment by Hy24, a joint venture between Ardian and FiveT Hydrogen, will be carried out through the Clean H2 Infra Fund through a capital increase in Enagás Renovable, thus obtaining a 30% stake.
Enagás retains the remaining 70%. Spain has competitive renewable resources and offers attractive market opportunities for hydrogen, including industrial applications.
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Enagás Renovable, a subsidiary of Enagás, was founded in 2019 and has a portfolio of more than 50 specific projects in Spain in the field of renewable gases and decarbonisation, which makes it one of the largest European platforms for gas projects renewable.
The most advanced projects together represent more than 750 MW of electrolysis, which have an estimated commercial operation date between 2023 and 2026, and account for around 20% of Spain’s hydrogen target in terms of installed capacity by 2030. that this platform act as an aggregator of the main Spanish green hydrogen projects.
Antonio Llardén, The Chairman of Enagás declared:
This agreement with Hy24 is a milestone on the path that we undertook at Enagás in 2017 to promote and develop renewable gas initiatives.
“With this operation, Enagás adds its experience and knowledge in hydrogen and biomethane, as well as in energy infrastructure management, to Ardian’s experience in asset management and Five T’s knowledge of the hydrogen value chain. This agreement will allow us to launch joint hydrogen projects to contribute to a just energy transition and decarbonise the energy of the future.” Thanks for staying up to date with Hydrogen Central.
Pierre-Etienne Franc, CEO of Hy24, stated:
We are very proud to be able to count on Enagás as a strategic partner.
“We hope that this joint venture will accelerate the materialization of large green power-to-hydrogen projects in Spain to contribute to the decarbonisation of the industry and transport sectors.”
“The quality of the Enagás Renovable team, its portfolio of projects and the unbeatable position of Enagás in the energy ecosystem of Spain and other Spanish-speaking territories are key levers for the creation of sustainable value in the global energy transition”.
Juan Angoitia, European Co-Head of Ardian Infrastructure, said:
This alliance between Hy24 and Enagás is a clear step forward in our approach to the energy transition in Ardian.
“Hy24 is at the forefront of hydrogen infrastructure funding, and we are proud to support this Hy24 initiative with Enagás, a global player with a firmly established presence in Spain, a key country for Ardian in terms of infrastructure development and investment”.
All Enagás Renovable projects are in line with the Hydrogen and Biogas Roadmaps for Spain. The company already has several projects in the testing phase, including Green Hysland Mallorca, the first hydrogen valley with electrolysers in Spain that will start operating in 2022.
Ardian and FiveT Hydrogen created Hy24 to manage the Clean H2 Infra Fund, the world’s largest fund dedicated exclusively to the clean hydrogen infrastructure sector. This fund was created with strong support from the main industrial players in the field of hydrogen.
With strong industrial experience in its sector, Hy24 has a unique ability to accelerate the scaling of hydrogen solutions throughout its value chain: production, conversion, storage and supply and use. Hy24 will support large projects in their initial phases, as well as strategic projects that can become essential energy infrastructure.
The Clean H2 Infra Fund has already raised €1 billion of committed funds and expects to mobilize 10-15 times that investment in the hydrogen industry, through associations such as the one with Enagás Renovable.
This operation adds to the first investment made earlier this month with other partners in a participation in the 200 million euro fundraising of the German company Hy2gen AG.
This agreement will allow Enagás Renovable to increase its presence in the non-electric renewable energy market, and will contribute to meeting the decarbonisation objectives set by Enagás, the Government of Spain and the European Union.
Highlights:
- Hy24 acquires a 30% stake in Enagás Renovable
- This capital increase accelerates the development of the renewable gas project platform of the Enagás subsidiary
- Projects are being developed in Spain and other international markets
Hy24 and Enagás join forces to promote the development of renewable hydrogen, February 22, 2022
