Hy24 enters the Onuba project

Moeve welcomes Hy24 and COFIDES as new strategic partners of the Onuba project 

• Hy24, the world's largest clean hydrogen private equity asset manager, and Spanish public-private financial institution COFIDES have signed a strategic partnership agreement with Moeve, acquiring a 29% stake in Onuba, the first phase of the Andalusian Green Hydrogen Valley, Europe's largest renewable hydrogen project (2 GW).
• Onuba, located at Moeve’s Energy Park in Palos de la Frontera (Huelva) in southern Spain, will have 300 MW of electrolysis capacity in the first phase, involving a total investment of more than €1 billion, and making it the largest electrolyser to reach Final Investment Decision (FID) in southern Europe.
• The project, led by European companies, will advance decarbonization in hard-to-electrify sectors and strengthen Europe’s industrial competitiveness and energy autonomy. According to a recent report by Moeve in collaboration with PwC, green molecules such as renewable hydrogen can reduce Europe’s energy dependence by half by 2040. 

Press release — September 16, 2026 —Moeve has announced that Hy24, the world's largest clean hydrogen private equity asset manager, and COFIDES, Spain’s public-private financial institution, have joined the first phase of the Andalusian Green Hydrogen Valley, known as Onuba, with a combined 29% stake. As such, the project, led by Moeve with a majority stake of 51%, will include Enagás Renovable, Alter Enersun, Hy24, investing through Clean Hydrogen Infrastructure Fund, and COFIDES as minority partners.

Following the Final Investment Decision announced in March, Onuba will include 300 MW of electrolysis capacity, with the option to expand by an additional 105 MW — making it the largest electrolyser project in southern Europe to reach FID and begin construction.

The project, involving a total global investment of more than €1 billion, is located within Moeve’s Energy Park in Palos de la Frontera (Huelva), in southern Spain. Preparatory work for the start of construction has already begun and the official groundbreaking ceremony is scheduled to take place on September 17. German company thyssenkrupp nucera is supplying 300 MW of alkaline water electrolysis equipment and technology for the project.

Maarten Wetselaar, CEO of Moeve, said: "We are delighted to welcome Hy24 and COFIDES as strategic partners in the Onuba project. Together, our shared vision and investment will deliver one of the most significant green hydrogen projects in Europe, accelerating the hydrogen economy and supplying renewable fuels to hard-to-abate sectors to reduce our dependence on foreign imports and strengthen our domestic energy systems.”

Pierre Etienne Franc, co-founder and CEO of Hy24, said: “Onuba demonstrates that green hydrogen is scaling up through real industrial projects, delivering local benefits with tier-one Spanish partners. In a shifting geopolitical landscape, it strengthens Europe's energy diversification and Spain's strategic autonomy, while paving the way for a southwestern European hydrogen network.”

Ángela Pérez, Chairwoman and Chief Executive Officer of COFIDES, stated: “This project, led by Moeve with the support of Enagás Renovable and Alter Enersun, helps address some of the challenges facing green hydrogen and represents a decisive step forward for the development of the sector in Spain, accelerating its deployment. For COFIDES, it is a privilege to support Moeve, a leading company in the energy transition, through the Co-investment Fund, alongside Hy24, a highly specialized partner with strong international recognition.”

The initiative has been designated as a Project of Common Interest (PCI) by the European Union and was awarded €304 million from the Government of Spain under the Recovery, Transformation and Resilience Plan — financed by the European Union’s NextGenerationEU programme — through the Hydrogen Valleys scheme, for the development of 405 MW of the Andalusian Green Hydrogen Valley.

At 300 MW, Onuba will have the capacity to produce around 45,000 tonnes of green hydrogen per year, avoiding about 250,000 tonnes of CO2 annually — the equivalent of reducing more than all the emissions generated by passenger cars with internal combustion engines in the Spanish cities of Huelva, Cádiz, and Jaén[1]. The execution of the additional 105 MW of Onuba is subject to obtaining additional grid capacity and board approval.

Green molecules: A key driver of Europe’s energy independence

This project, led by European companies, will help strengthen the continent’s industrial competitiveness while enhancing its energy security. According to the report Why Europe Needs Green Molecules, produced by Moeve in collaboration with PwC, green-molecule-based energy sources such as renewable hydrogen could reduce Europe’s energy dependence by as much as 50% by 2040. At the same time, they would support the EU’s climate-neutrality objectives under the European Green Deal, the Fit for 55 package and REPowerEU.

As their role in the energy system expands, green molecules could replace between 30% and 50% of fossil-fuel demand and account for around one-third of the European Union’s energy mix by 2050. They are particularly important for carbon-intensive sectors that are difficult to electrify, including heavy industry, chemicals and long-haul transport, which currently account for 20% to 25% of primary energy demand. Decarbonizing these sectors through the use of green molecules could reduce Europe’s CO₂ emissions by up to 22% by 2050.