(Madrid/Spain) – Hy2's “Clean H24 Infra Fund” is investing in Enagás Renovable (ER) with a 30 percent stake as part of a capital increase. The subsidiary of the Spanish gas network operator Enagás SA was founded in 2019 and has a portfolio of more than 50 hydrogen and biomethane projects with more than 70 partners, which are expected to mobilize total investments of almost 2030 billion euros by 4,5.
Hydrogen for Mallorca
According to the information, the most advanced projects include more than 750 megawatts of electrolysis capacity and are expected to go into operation between 2023 and 2026. Several projects are already in the testing phase, including “Green Hysland Mallorca“. On the Balearic island, electricity from two solar power plants will power electrolyzers with an annual output of 300 tons. The hydrogen will be used there as fuel for buses and delivery trucks, to generate heat and electricity in fuel cells for commercial and public buildings, and to supply energy in port terminals. According to the information, the systems will go into full operation in 2022.
“Power to Green Hydrogen Mallorca” is the core of “Green Hysland”, which is supported with EU funds. 30 companies and organizations from eleven countries are involved. The European initiative expects total investments of around 50 million euros.
Joint venture between Ardian and FiveT Hydrogen
The “Clean H2 Infra Fund” is based on an international corporate initiative. He is from hy24 managed, a 50:50 joint venture between the investment company Ardian and FiveT Hydrogen, an investment platform for clean hydrogen.
In December, the European transmission system operators Enagás (Spain), Snam (Italy) and GRTgaz (France) announced a fund investment as anchor investors with a cumulative total of 100 million euros. The three companies are part of the “European Hydrogen Backbone” initiative, which assumes that a Europe-wide hydrogen infrastructure can be based largely on the use of existing gas infrastructure.
Commitments for one billion euros
Other investors include the three US companies Plug Power Inc., a manufacturer of fuel cells, the plant manufacturer Chart Industries Inc. and the oil company Baker Hughes, as well as the Korean chemical group Lotte Chemical Corp. and the French insurance group and institutional investor AXA Group. The French airport operator Aéroports de Paris (Groupe ADP), the Canadian fuel cell manufacturer Ballard Power System, the energy group EDF SA and the German supplier to the automotive and mechanical engineering industry Schaeffler AG are also reportedly invested in the fund.
In total there are commitments or deposits amounting to one billion euros. The fund aims to invest across the entire renewable and low-carbon hydrogen value chain in America, Asia and Europe.
Enagas SA increases profits
The ER parent company Enagás SA generated a profit after taxes of 2021 million euros in 403,8. For 2022, the company expects a net profit after taxes of around 430 million euros, an increase of 6,5 percent. According to figures released on Tuesday (March 22), demand for natural gas rose 5,1 percent year-on-year to 378,4 terawatt hours, which the company said was largely due to the recovery in economic activity.
In February 2022, Enagás announced its participation in two major projects in Asturias and Aragon: On the one hand, the company will (as reported) together with the steel group ArcelorMittal, Fertiberia SA and DH2 Energy, supply renewable hydrogen for the production of steel, ammonia, fertilizers and other low-carbon industrial products through “HyDeal España”.
There is also participation in the “Catalina“Project that aims to produce hydrogen and green ammonia on a large scale in Spain. This consortium includes the Danish investment company Copenhagen Infrastructure Partners (CIP), the electricity and gas supplier Naturgy Energy Group SA, the fertilizer manufacturer Fertiberia SA and the Danish wind turbine manufacturer Vestas Wind Systems A/S.
At the end of January, Enagás announced that he would join the “Spanish Hydrogen Network” (SHYNE), which aims to promote the decarbonization of the country's economy through renewable hydrogen. To achieve this, SHYNE will launch projects with a total investment of 3,23 billion euros.
Through Enagás Emprende's subsidiary, Scale Gas, the company has developed the first commercial hydrogen plant in Spain and partnered with Naturgy and Exolum in a “Hydrogen Alliance for Mobility” to promote the construction of 50 hydrogen plants.
Building a decarbonized gas network
As part of its “Vision 2030,” Enagás wants, among other things, to build a gas network that will be gradually decarbonized and adapted to the transport of renewable gases, “which will coexist with natural gas during the transition until a dedicated hydrogen transport network is created.” This network would consist largely of modified pipelines, but also of new sections “to be built to meet domestic demand and ultimately for export to Central Europe.” Enagás is already working on this with other transmission system operators as part of the European hydrogen initiative “European Hydrogen Backbone(EHB).
Photos
Hy24 joins Enagás Renovable. BU © Enagas SA
