Hy24 has completed the acquisition of a majority stake in the Spanish hydrogen developer Enagás Renovable through its Clean Hydrogen Infrastructure fund. As part of the transaction, the previous shareholders Navantia and Pontegadea, who together held 10 percent, are withdrawing. The Spanish network operator Enagás remains a minority shareholder.
Enagás Renovable was founded in 2019 and develops, finances, builds, and operates facilities for low-carbon hydrogen and biomethane. According to the company, the portfolio includes more than 20 projects with an installed electrolysis capacity of over 850 MW. Eight projects have already reached a final investment decision (FID).
Major projects on the Iberian Peninsula
The projects include the Catalina project with 500 MW of electrolysis capacity, coupled with its own renewable energy production. According to the company, it is set to become the first major project for the planned Iberian and European hydrogen backbone. Other projects are GreenHysland in Mallorca, an e-fuels plant in Bilbao, the Cartagena project (FID 2025), and the 400 MW Onuba project in Huelva. According to the announcement, its first expansion stage with 300 MW is expected to reach FID in March 2026. Enagás Renovable claims to be present in five of the eight most important Spanish hydrogen hubs and collaborates with industry partners such as Moeve and Repsol.
Strategic role of the Peninsula
With the majority acquisition, Hy24 aims to strengthen the position of the Iberian Peninsula as an exporter of low-carbon energy to France and Central Europe. A key role is played by the planned H2Med pipeline, through which Spanish hydrogen is to be transported to France. The Spanish plan PNIEC envisions around 12 GW of installed electrolysis capacity by 2030.
Pierre-Étienne Franc, co-founder and CEO of Hy24, says: "This operation marks an important step for Hy24 and is a strong signal for Europe. With the majority acquisition of Enagás Renovable, we reaffirm the strength of French-Spanish cooperation, which is an essential lever for Europe's connectivity and energy security, particularly through H2Med."
