Finance
Spain's Moeve teams up with Masdar on $1.2 billion green hydrogen project
Published by Global Banking & Finance Review®
Posted on March 2, 2026
2 min readLast updated: March 2, 2026
Quick Summary
Spanish energy major Moeve has greenlit a €1 billion-plus investment (over $1.2 billion) for the first phase of its Andalusian Green Hydrogen Valley. The 300 MW electrolyzer project, backed by Masdar and Enalter, is the largest in southern Europe and backed by €304 million in EU/state funds.
Spain's Moeve teams up with Masdar on $1.2 billion green hydrogen project
Major Green Hydrogen Initiative in Spain
Project Overview and Investment Details
MADRID, March 2 (Reuters) - Spanish energy company Moeve has approved a major green hydrogen project involving more than 1 billion euros ($1.2 billion) in investments, with Abu Dhabi renewable energy company Masdar as a minority partner.
Moeve said on Monday it had taken the final investment decision on the first part of the Andalusian Green Hydrogen Valley in Spain, which will have a capacity of 300 megawatts and the possibility to add another 100 MW depending on grid availability and board approval.
Significance and Scale of the Project
It will be the largest such project in southern Europe, it said.
Infrastructure and Funding
The company last week secured a connection to the Spanish grid for the project. A dedicated solar power plant will supplement energy from the grid. The project is supported by more than 300 million euros in European Union subsidies.
Stakeholders and Ownership Structure
Moeve, owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group will keep 51% of the project, while Masdar and renewable energy firm Enalter will hold the remaining stake.
Corporate Strategy and Rebranding
Moeve, formerly Cepsa, rebranded in 2024 to reflect its shift towards low-carbon businesses under an 8-billion-euro plan. It has sold most of its oil production assets since 2022, including operations in Abu Dhabi and South America.
Expansion and Partnership Talks
It continues its non-binding talks with Portuguese energy firm Galp to combine their refining, chemicals and fuel retail businesses.
Due Diligence and Financial Performance
The companies are working to complete due diligence with a view to reaching a final agreement by mid-2026, Moeve's Chief Financial Officer, Carmen de Pablo, said in a call to present 2025 results. Moeve's net profit rose to 341 million euros last year from 92 million euros in 2024.
Geopolitical Context and Risk Assessment
The widening Iran conflict has not had any direct impact on the company's operations so far, while it was too early to assess the potential indirect impact, she said. Moeve does not source Iranian crude and has no assets in the region, she added.
Additional Information
($1 = 0.8519 euros)
(Reporting by Pietro Lombardi. Editing by Mark Potter and Andrei Khalip)
Key Takeaways
- •Moeve, backed by Mubadala and Carlyle, has taken final investment decision on the first phase of its Andalusian Green Hydrogen Valley—300 MW, potentially scalable to 400 MW, with Masdar and Enalter as minority partners (cincodias.elpais.com).
- •The project is the largest green hydrogen initiative in southern Europe, combining grid connection and a dedicated solar plant, supported by over €300 million in EU/state subsidies under PERTE ERHA/H2 Valles (cincodias.elpais.com).
- •It aligns with Moeve’s broader €3 billion plan for the Andalusian Valley (2 GW capacity, 300,000 t/year production, 10,000 jobs), part of its ‘Positive Motion’ energy transition strategy and reflects rising 2025 net profit (to €341 million) and continued upstream divestments (moeveglobal.com).
References
Frequently Asked Questions about Spain's Moeve teams up with Masdar on $1.2 billion green hydrogen project
1What is the capacity of the Andalusian Green Hydrogen Valley project?
The project's initial capacity is 300 megawatts, with a possibility to add another 100 megawatts based on grid availability and board approval.
2Who are the main partners in the green hydrogen project in Spain?
Spanish company Moeve is the main partner, with Abu Dhabi's Masdar and renewable firm Enalter as minority stakeholders.
3How much investment is dedicated to the green hydrogen project?
The project involves more than 1 billion euros ($1.2 billion) in total investments.
4What support does the project receive from the European Union?
The project is backed by over 300 million euros in European Union subsidies.
5Has Moeve shifted its business strategy recently?
Yes, Moeve rebranded in 2024 to focus on low-carbon businesses, selling most oil production assets since 2022.
