Spain: Billionaire Amancio Ortega Sets Sights Focus on Hydrogen With a 5% Stake in Enagas Renewables

By July 27, 2022 2   min read  (285 words)

July 27, 2022 |

Fuel Cells Works, Spain: Billionaire Amancio Ortega Sets Sights Focus on Hydrogen With a 5% Stake in Enagas Renewables

Enagás has incorporated Pontegadea, which has acquired a 5% stake in its subsidiary Enagás Renovable, into its shareholding structure.

This transaction reinforces the fulfillment of the objective, announced by Enagás in the presentation of its 2022-2030 Strategic Plan on December 12, to allow new benchmark investors to enter into Enagás Renovable.

On July 20, Hy24, a joint venture between Ardian and FiveT Hydrogen, became a shareholder of Enagás Renovable.Hy24 is the world’s largest investment platform in renewable hydrogen infrastructures. Through a capital increase of the Enagás subsidiary, Hy24 acquired a 30% stake in Enagás Renovable through its Clean H2 Infra Fund.

Following these two transactions, the shareholder structure of Enagás Renovable is as follows: Enagás is the majority investor with 65% of the shares, Hy24 has 30% and Pontegadea, the remaining 5%.

The Chief Executive Officer of Enagás, Arturo Gonzalo, stressed “the importance of having a benchmark investment group such as Pontegadea as our partner in Enagás Renovable, at a crucial time for the development of renewable gases in our country, in line with the Spanish Government’s Hydrogen and Biogas Roadmap and the targets of the European REPowerEU strategy”.

Roberto Cibeira, Chief Executive Officer of Pontegadea, said that “the acquisition of a stake in Enagás Renovable consolidates Pontegadea’s commitment to the renewable energy sector, in line with other investments made by the group recently. This operation also allows us to support innovation in this type of energy, contributing to the development of technology for obtaining hydrogen and biogas in Spain hand in hand with benchmark partners such as Enagás and Hy24”.

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