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Friday, February 23, 2024

Law firm trio acts on Hy24´s investment in Enagás Renovable

Ashurst and Linklaters have advised Hy24, a joint venture between Ardian and FiveT Hydrogen, the world’s largest clean hydrogen investment platform, on its acquisition of a 30% stake in Enagás Renovable, one of the largest European platforms for renewable-to-gas projects, the latter advised by Pinsent Masons

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Hy24, the world’s largest clean hydrogen investment platform, has signed an agreement with Enagás, the Spanish energy infrastructure company, to become a shareholder in Enagás Renovable to accelerate the development of its leading renewable-to-gas platform.

The investment by Hy24, a joint venture between Ardian and FiveT Hydrogen, will be executed through its Clean H2 Infra Fund via a capital increase in Enagás Renovable, giving it a 30% stake, while Enagás retains 70%. Spain combines competitive renewable resources with attractive market opportunities for hydrogen, including diverse industrial applications.

Enagás Renovable, a subsidiary of Enagás, was founded in 2019 and has a portfolio of more than 50 specific projects throughout Spain in the fields of renewable gases and decarbonization, making it one of the largest European platforms for renewable-to-gas projects. The most advanced projects represent more than 750 MW of electrolysis capacity with a target Commercial Operation Date (COD) between 2023 and 2026, which represent around 20% of the Spanish hydrogen objectives in terms of installed capacity by 2030. The platform is expected to act as an aggregator for major Spanish green hydrogen projects.

“This agreement with Hy24 is a milestone on the path that Enagás started in 2017 to drive and develop initiatives based on renewable gases. With this operation, Enagás adds hydrogen and biomethane experience and know-how, as well as energy infrastructure management to Ardian’s experience in asset management and FiveT Hydrogen’s knowledge of the hydrogen value chain. This agreement will allow us to start up joint hydrogen projects to contribute to a just energy transition and to decarbonize future energy.”

Antonio Llardén, president of Enagás

“We are very proud of this strategic partnership with Enagás. We expect this joint venture to accelerate the realisation of large green power-to-hydrogen projects in Spain to help decarbonise both industry and transport sectors. The quality of the Enagás Renovable’s team, the pipeline of projects and the unmatched position of Enagás in the energy ecosystem in Spain and other Spanish speaking territories are strong levers for sustainable value creation at the heart of the global energy transition.”

Pierre-Etienne Franc, CEO of Hy24

Hy24’s legal advisors for the deal were Ashurst and Linklaters. Hy24 was also advised by Cacib, PWC, Fichtner, WSP, Biovic, Strategy& and AGR-AM. Enagás’ advisors for the deal were Rothschild and Pinsent Masons.

Ashurst Spain advised Hy24 with a team led by Corporate partner and head of the Energy practice Andrés Alfonso; along with Corporate counsel Francisco Vázquez Oteo and senior associate Isabel Matute. The team was also assisted by the following departments: Employment (Cristina Grande and Carmen Gordillo, senior associate and associate respectively); Public Law (Soledad Adell, Pedro Díaz and María López Garayalde; senior associate and associates, respectively); Tax (Javier Hernández-Galante and Jorge Ramírez, partner and counsel respectively); Real Estate (Carmen Garcia and Alba Aparicio, associates respectively) and; Competition and EU Law (Rafael Baena, Javier Torrecilla, Patricia Valenzuela and Teresa Prado; partner, counsel and associates respectively).

Linklaters advised Hy24 on Tax matters with a team comprising Tax partner Alejandro Meca and Tax managing associate José Alarcón.

Pinsent Masons advised Enagás with a team formed by Corporate partner Borja Martín Ariza, managing and Corporate partner Diego Lozano, and Public Law, Energy and Infrastructures partner Pablo Dorronsoro, Corporate/M&A senior associate Isabel García Díaz-Mauriño, Public Law, Energy & Infrastructures senior associate Marta Salazar, and associates Olimpia Ortega and Helen Stewart, along with lawyers Álvaro Estrada and Fernando Aldavero.

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