Hy24 takes stake in renewables arm of Spain’s Enagas

Clean hydrogen fund takes 30pc stake in Enagas Renovable in its second deal this month

Clean hydrogen investment fund Hy24 is to acquire a 30pc stake in the renewables arm of Spanish gas grid operator Enagas, which is investing €4bn ($4.53bn) in electrolyser capacity across 30 projects in Spain. Hy24, a joint venture between French asset manager Ardian and hydrogen investment firm FiveT Hydrogen, takes the stake as part of a capital increase which see Enagas retain 70pc of the renewables unit, Enagas Renovable. “We expect this joint venture to accelerate the realisation of large green power-to-hydrogen projects in Spain to help decarbonise both industry and transport sectors,” says Pierre-Etienne Franc, CEO of Hy24. “The quality of the Enagas Renovable’s team, the pipeline of