Moeve brings Hy24 and COFIDES into Onuba phase of Andalusian Green Hydrogen Valley
- Hy24 and COFIDES acquired a combined 29% stake in Onuba while Moeve retains a 51% majority stake.
- Phase 1 reached Final Investment Decision in March: 300 MW electrolysis capacity with an option to add 105 MW, and construction preparations underway.
- Total project investment exceeds €1 billion; thyssenkrupp nucera will supply 300 MW of alkaline electrolysers.
- At 300 MW Onuba is expected to produce ~45,000 tonnes H2/year and avoid ~250,000 tonnes CO2/year; the project received €304 million from Spain and is designated an EU Project of Common Interest.
Deal and ownership
Hy24 and COFIDES have joined Onuba, acquiring a combined 29% stake in the project; Moeve holds a 51% majority and minority partners include Enagás Renovable and Alter Enersun. Hy24 is investing through its Clean Hydrogen Infrastructure Fund.
Project scope and schedule
Onuba is the first phase of the Andalusian Green Hydrogen Valley located at Moeve’s Energy Park in Palos de la Frontera (Huelva). The phase reached Final Investment Decision in March and comprises 300 MW of electrolysis capacity with an option to expand by 105 MW. Preparatory works have begun and an official groundbreaking ceremony was scheduled; thyssenkrupp nucera will supply the 300 MW alkaline electrolysers and technology.
Outputs and public support
At 300 MW the facility is expected to produce around 45,000 tonnes of green hydrogen per year and avoid about 250,000 tonnes of CO2 annually. The overall project involves more than €1 billion of investment. The initiative has EU Project of Common Interest status and received €304 million from Spain’s Recovery, Transformation and Resilience Plan funded by NextGenerationEU for development of 405 MW of the Andalusian Green Hydrogen Valley.
Strategic context
Project backers say the development will decarbonize hard-to-electrify sectors and strengthen Europe’s industrial competitiveness and energy autonomy. A report cited in the announcement (produced by Moeve with PwC) states that green molecules such as renewable hydrogen could reduce Europe’s energy dependence by up to 50% by 2040 and could replace 30–50% of fossil-fuel demand as their role expands through mid-century.
Source: Hy24