Enagás sells 40% stake in Enagás Renovable to Hy24 for €48 million, retaining 20% minority share

Spanish gas grid operator Enagás agreed to sell a 40% stake in its renewable hydrogen subsidiary Enagás Renovable to Hy24, a low-carbon hydrogen fund managed by Ardian, for €48 million ($52.5 million). The transaction values Enagás Renovable at €120 million and leaves Enagás with a 20% minority stake. Hy24, which already held a 40% stake, acquired an additional 20% from Pontegadea (Amancio Ortega's holding) and Navantia (5% each). Enagás Renovable, established in 2019, operates over 20 projects with 850 MW of electrolyzer capacity, primarily supporting the H2Med hydrogen corridor and Iberian Peninsula development. The divestment aligns with Enagás' 2025-2030 strategic plan and EU unbundling rules, with an estimated €9.5 million net profit impact in 2026.

Counterparts (5)

Buyer

Hy24

company · 2 deals

Hy24 is a clean hydrogen investment platform that aims to accelerate the transition to a low-carbon economy. The company focuses on investing in hydrogen production, transportation, and storage projects.

parent_company

Ardian

company · 9 deals

Ardian is a global diversified private markets firm managing $200 billion in assets, providing investment solutions across private equity, real assets, and credit. Headquartered in Paris, France, with 1,100 employees, it focuses on long-term value creation and sustainable finance.

Seller

Enagás

company · 4 deals

Enagás is a Spanish natural gas transmission system operator and Technical Manager of the System (TMS). They are involved in the development, operation, and maintenance of gas infrastructure.

Navantia

company · 1 deals

UK-based subsidiary of Spanish state-owned Navantia SA, specializing in naval shipbuilding and defence contracts, with recent expansion into UK energy and maritime industrial capabilities through the £1.6B FSS programme and acquisition of Harland & Wolff.

P

Pontegadea

company · 1 deals