Ashurst Spain has advised Hy24 on the acquisition of a 30 stake in Enagas Renovable SL
24 February 2022
24 February 2022
We are pleased to have advised our client Hy24, a joint venture between Ardian and FiveT Hydrogen and the world’s largest clean hydrogen investment platform, on its investment in Enagás Renovable, one of the largest European platforms for renewable-to-gas projects.
The investment by Hy24 will be executed through its Clean H2 Infra Fund via a capital increase in Enagás Renovable, giving it a 30% stake, while Enagás (a Spanish energy infrastructure company) retains 70%. Spain combines competitive renewable resources with attractive market opportunities for hydrogen, including diverse industrial applications.
Enagás Renovable has a portfolio of more than 50 specific projects throughout Spain in the fields of renewable gases and decarbonization. The most advanced projects represent more than 750 MW of electrolysis capacity with a target Commercial Operation Date (COD) between 2023 and 2026, which represent around 20% of the Spanish hydrogen objectives in terms of installed capacity by 2030. The platform is expected to act as an aggregator for major Spanish green hydrogen projects.
The team was led by Corporate partner and Head of the Energy practice Andrés Alfonso; along with Corporate counsel and senior associate, Francisco Vázquez Oteo and Isabel Matute. The team was also assisted by the following departments: Corporate M&A (Marta Timoner, associate); Employment (Cristina Grande and Carmen Gordillo, senior associate and associate respectively); Public Law (Soledad Adell, Pedro Díaz and María López Garayalde; senior associate and associates, respectively); Tax (Javier Hernández-Galante and Jorge Ramírez, partner and counsel respectively); Real Estate (Carmen Garcia and Alba Aparicio, associates respectively) and; Competition and EU Law (Rafael Baena, Javier Torrecilla, Teresa Prado and Patricia Valenzuela; partner, counsel and associates respectively).