Hy24 x Enagás Renovable

Hy24 becomes majority shareholder in Spain’s Enagás Renovable

• Hy24, via its Clean Hydrogen Infrastructure Fund, has raised its shareholding in Enagás Renovable from 30% to 80%, securing a majority and controlling stake.
• Enagás Renovable, one of Europe’s most advanced renewable hydrogen and biomethane developers, has a 850MW+ portfolio of advanced renewable gas projects, including eight that have passed Final Investment Decision (FID).
• Enagás has agreed to reduce its stake to 20% to comply with the unbundling requirements while retaining a presence in the Company.

PRESS RELEASE, Madrid, Spain, April 21st, 2026 – Hy24, the world’s largest low-carbon hydrogen and derivatives pure-play asset manager, today announces the completion of its acquisition of a majority shareholding in Enagás Renovable, through its Clean Hydrogen Infrastructure Fund. This transaction builds on Hy24’s initial entry into Enagás Renovable in 2022, when Hy24 acquired a 30% stake to support the deployment of a pipeline of renewable hydrogen and biomethane projects aligned with Spain’s decarbonization roadmap.

Founded in 2019, Enagás Renovable operates as an integrated renewable gas platform, covering project development, financing, construction, operations, and long-term offtake structuring. Its portfolio comprises more than 20 renewable gases projects, including over 850MW of electrolysis capacity, whose scale and geographic footprint underpin the development of the Spanish Hydrogen Backbone and the H2Med corridor, supporting decarbonization across industry and transport.

Becoming majority shareholder allows Hy24 to take full advantage of the Iberian peninsula’s position as a major exporter of clean energy to France and Central Europe through H2Med, supported by large-scale assets such as the Catalina project. These projects are instrumental in advancing Europe’s industrial strategic autonomy. Spain stands ready to lead European hydrogen development with its vast renewable energy resources, domestic hydrogen production and industrial users and Hy24 is now a key player in this journey.

The acquisition of a majority stake by Hy24 also entails the orderly exit of Navantia and Pontegadea from the shareholder base - who together held a 10% stake in the company. Both shareholders played a significant role during Enagás Renovable’s initial and consolidation phases, contributing decisively to its development and positioning as a key player in the hydrogen sector.

Pierre-Etienne Franc, co-founder and CEO of Hy24, said: “This is a landmark transaction for Hy24 and a strong signal for Europe. By increasing our stake in Enagás Renovable, we are reaffirming the strength of Franco‑Spanish cooperation as a key enabler of European energy interconnectedness and security, notably through H2Med. Scaling locally produced low‑carbon molecules is essential to industrial competitiveness and energy sovereignty while reducing our dependence on imported fossil fuels. We look forward to continuing to work with Enagás Renovable to mature the Spanish hydrogen ecosystem that holds huge potential to accelerate the next phase of European hydrogen development.”

Held through Hy24’s investment vehicle in Iberia, H2 Investments Spain, Enagás Renovable has brought eight projects to FID through a proactive collaboration strategy, progressively scaling project size by leveraging its capabilities and the knowledge gained, and is a first mover in the European hydrogen space, including:

• GreenHysland (Mallorca): The first "Green Hydrogen Island" in Southern Europe – integrating hydrogen production, distribution, and end-use (for buses and local energy) in an island ecosystem.
• Bilbao e-Fuels Project (Basque Country): The first hydrogen plant to raise project finance in Iberia. 
• The Cartagena Project (Murcia): The largest project in Iberia to take FID in 2025.
• The Onuba Hydrogen Project (Huelva): A 400 MW plant, which reached FID for its first 300 MW phase in March 2026, making it the largest post-FID project in southwest Europe.

Enagás Renovable has a strategic presence in five of Spain’s eight main hydrogen hubs, supported by strong partnerships with industrial partners such as Moeve and Repsol, positioning the company at the forefront of renewable hydrogen and biomethane development in Europe.

Following the transaction, Enagás will remain a minority shareholder in the next development phase of the company. Arturo Gonzalo, CEO of Enagás, reaffirmed its support: “This evolution of our shareholding is a natural consequence of the maturity achieved by the Spanish ecosystem, in full compliance with the independence requirements for hydrogen network operators in Europe. It enables Enagás to fully focus on our role as Spain’s HTNO and on developing strategic cross-border infrastructure such as H2Med - connecting the South and the North of Europe - while continuing to support Enagás Renovable as a minority shareholder alongside Hy24.”

Antón Martínez, CEO of Enagás Renovable, added: “In just a few years, Enagás Renovable has transformed an early-stage pipeline into a mature portfolio with multiple FIDs, operating projects and assets under construction. With Hy24’s increased commitment and the continued support of Enagás and partners, we are ready to accelerate delivery and scale competitive renewable hydrogen and biomethane for Spanish and European industry.”