Hy24, COFIDES Invest in Moeve's Green Hydrogen Venture in Southern Spain
Strategic Investment in Onuba Renewable Hydrogen Project
Sept 16 (Reuters) - Clean hydrogen private equity asset manager Hy24 and Spanish public-private financial institution COFIDES have signed a strategic partnership deal with Moeve to buy a combined 29% stake in the Onuba renewable hydrogen project, the companies said on Wednesday.
Project Overview and Stakeholders
The project in southern Spain, led by Moeve with a majority stake of 51%, will include Enagas Renovable, Alter Enersun, Hy24 and COFIDES as minority partners.
Stake Acquisition Details
• The 29% stake in Onuba was initially expected to be taken by the UAE's Masdar.
Project Specifications and Investment
• Onuba - located at Moeve's Energy Park in Palos de la Frontera, Huelva province - will have 300 MW of electrolysis capacity in the first phase and the possibility to add another 105 MW, with a total investment of more than €1 billion ($1.15 billion).
Significance and Scale
• Onuba will be Europe's largest renewable hydrogen project with 2 GW capacity, the companies said.
Moeve's Transformation and Support
Company Rebranding and Ownership
• Moeve, formerly known as Cepsa and currently owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm The Carlyle Group, rebranded in 2024 to reflect its shift towards low-carbon businesses under an €8 billion plan.
EU Subsidies
• The Onuba project is supported by more than €300 million in European Union subsidies.
Currency Conversion
($1 = 0.8670 euros)
(Reporting by Joao Manuel Mauricio; Editing by Franklin Paul)
