The Onuba green hydrogen initiative, led by Moeve, received €304 million in funding from the Spanish government under the European Union’s NextGenerationEU program.
Deal Analysis
The Spanish government has announced €304 million in financing for Moeve's Onuba green hydrogen initiative, leveraging funds from the European Union’s NextGenerationEU program. This substantial government backing underscores a clear strategic commitment to advancing green hydrogen production within Spain, positioning it as a key component of the nation's energy transition and broader EU decarbonization efforts. The financing, provided by the Spanish government as a lender to Moeve, highlights the critical role of public sector support in de-risking and accelerating the development of nascent, capital-intensive green technologies.
This deal is notable for the significant financial commitment, with €304 million representing a substantial investment in a single green hydrogen project. The involvement of the Spanish government as the lender, utilizing EU recovery funds, signals a concerted effort at both national and supranational levels to foster a domestic green hydrogen economy. While specific project details such as capacity and stage are not provided, the announcement itself, made in 2026, indicates forward-looking investment in a sector deemed crucial for future energy security and sustainability. The financing of Moeve, an infrastructure company, further suggests a focus on building out the foundational elements required for a robust hydrogen ecosystem in Spain.
- €304 million in government financing for a green hydrogen plant.
- Funding sourced from the European Union’s NextGenerationEU program.
- Spanish government acts as the lender to developer Moeve.
- Focus on green hydrogen technology in Spain.
Source Intelligence
KEY DETAILS
The project is projected to produce around 45,000 tons of green hydrogen per year and reduce CO2 emissions by 250,000 tons annually. Moeve will retain a 51% majority ownership of the project. The project is described as the largest green hydrogen project in Southern Europe. The capacity has an option to expand by an additional 100 MW, subject to regulatory approval.
Quotes: "projected to produce around 45,000 tons of green hydrogen per year", "reduce CO 2 emissions by 250,000 tons annually.", "Moeve will retain a 51% majority ownership of the project", "largest green hydrogen project in Southern Europe", "the option to expand by an additional 100 MW, subject to regulatory approval."
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Deal Size
Investment in the first phase is expected to be more than €1 billion (USD$1.2 billion).
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Capacity
the first phase of the project, known as Onuba, will have a capacity of 300 MW and the option to expand by an additional 100 MW
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Location
Moeve to Build $1.2 Billion Green Hydrogen Plant in Spain
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Financials
The initiative received €304 million from the Spanish government under the European Union’s NextGenerationEU program.
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Announcement
Kenny Fisher March 4, 2026 Madrid-based energy company Moeve announced a final investment decision to begin construction
PARTIES MENTIONED IN SOURCE
M
Moeve
developer/owner
"Madrid-based energy company Moeve announced a final investment decision to begin construction on the largest green hydrogen project in Southern Europe."
M
Masdar
developer/owner
"Moeve will retain a 51% majority ownership of the project, with energy developers Masdar and Enalter holding the remaining stake."
E
Enalter
developer/owner
"Moeve will retain a 51% majority ownership of the project, with energy developers Masdar and Enalter holding the remaining stake."
S
Spanish government
lender
"The initiative received €304 million from the Spanish government under the European Union’s NextGenerationEU program."
high quality
Enriched Mar 4, 2026
Global Infrastructure Sherpa