Hy24 to become shareholder of Enagás Renovable

Hy24, the world’s largest investment platform in clean hydrogen infrastructure, will become a shareholder of Enagás Renovable.

The company signed an agreement with Spanish energy infrastructure Enagás and will accelerate the development of its renewable gas platform. Enagás has expertise in hydrogen and biomethane. In May last year, the company formed a partnership with Ductor to explore biogas opportunities in Spain.

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, obtaining a 30% stake. Enagás retains the remaining 70%.

Enagás Renovable, a subsidiary of Enagás, was founded in 2019 and has a portfolio of more than 50 specific renewable gas and decarbonisation projects in Spain. The most advanced projects together represent more than 750 MW of electrolysis, which have an estimated commercial operation date of between 2023 and 2026, and account for 20% of Spain’s hydrogen target in terms of installed capacity by 2030.

“This agreement with Hy24 is a milestone on the path that we undertook at Enagás in 2017 to promote and develop renewable gas initiatives,” said Antonio Llardén, chairman of Enagas.

“With this operation, Enagás adds its experience and knowledge in hydrogen and biomethane, as well as energy infrastructure management, to Ardian’s experience in asset management and FiveT’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.”

Pierre-Etienne Franc, CEO of Hy24, commented: “We are very proud to be able to count on Enagás as a strategic partner. We hope that this joint venture will accelerate the materialisation of large green power-to-hydrogen projects in Spain to contribute to the decarbonisation of the industry and transport sectors.”

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. The fund has already raised €1 billion of committed funds and expects to mobilise 10-15 times that investment in the hydrogen industry, through partnerships such as the one with Enagás Renovable.

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