Hy24 takes 80% control of Enagás Renovable

Transaction details

Hy24, via its Clean Hydrogen Infrastructure Fund and through H2 Investments Spain, has raised its stake in Enagás Renovable from 30% to 80%, making it the majority and controlling shareholder. Enagás will reduce its holding to 20% to comply with independence and unbundling requirements while retaining a minority presence.

Company and portfolio

Founded in 2019, Enagás Renovable is an integrated renewable gas platform covering development, financing, construction, operations and offtake structuring. Its portfolio includes more than 20 renewable gases projects and over 850MW of electrolysis capacity, with eight projects that have reached final investment decision (FID).

Key projects and milestones

Projects cited include GreenHysland in Mallorca, the Bilbao e‑Fuels project (the first hydrogen plant in Iberia to raise project finance), the Cartagena project (the largest Iberia project to take FID in 2025) and the Onuba hydrogen project (a 400MW plant whose first 300MW phase reached FID in March 2026).

Strategic rationale and shareholder changes

Hy24 says the position supports Iberian exports via the H2Med corridor and Spain’s role in European hydrogen development. The transaction also involved the orderly exit of Navantia and Pontegadea, who together held 10% of Enagás Renovable prior to the deal. Enagás will continue to focus on its role as Spain’s HTNO and on cross‑border infrastructure while remaining a minority shareholder in Enagás Renovable.