Pinsent & Ashurst advise on the sale of 30% stake in Enagás to Hy24

Pinsent Masons has advised Enagás on sale of 30% stake of Enagás Renovable to Hy24, who were advised by Ashurst

Pinsent Masons has advised Spanish energy infrastructure company Enagás on the sale of a minority stake of Enagás Renovable to Hy24, the largest clean hydrogen infrastructure investment platform, in order to accelerate the development of its platform of renewable gas projects.

The investment by Hy24, a joint venture of Ardian and FiveT Hydrogen, advised by Ashurst, will be carried out through the Clean H2 Infra Fund by means of a capital increase in Enagás Renovable, thus obtaining a 30% stake. Enagás retains the remaining 70%.

Enagás Renovable, a subsidiary of Enagás, was founded in 2019 and has a portfolio of more than 50 specific projects in Spain in the field of renewable gases and decarbonization, making it one of the largest European platforms for renewable gas projects.

Antonio Llardén, Enagás Chairman, said: “This agreement with Hy24 is a milestone in the path we undertook at Enagás in 2017 to promote and develop renewable gas initiatives.”

Pierre-Etienne Franc, CEO of Hy24, said: “We are very proud to be able to count Enagás as a strategic partner. We expect this joint venture to accelerate the materialisation of large green power-to-hydrogen projects in Spain to contribute to the decarbonisation of the industrial and transportation sectors.”

This agreement will enable Enagás Renovable to increase its presence in the non-electric renewable energy market, and will contribute to meeting the decarbonisation targets set by Enagás, the Spanish government and the European Union.

The Pinsent Masons team was led by Borja Martín Ariza (pictured top left) (partner) together with Diego Lozano (pictured top center) (partner), Pablo Dorronsoro (partner), Isabel García Díaz-Mauriño (pictured top right) (senior associate), Marta Salazar (senior associate), Olimpia Ortega (associate), Helen Stewart (associate), Álvaro Estrada (counsel) and Fernando Aldavero (counsel).

The Ashurst team advising Hy24 was led by the partner responsible for/head of the Energy practice Andrés Alfonso (pictured bottom left), with the assistance of Isabel Matute (pictured bottom center) and Francisco Vázquez Oteo (pictured bottom right), senior associate and counsel, respectively, from the Corporate Law department, together with other lawyers from the Corporate team, and the assistance of teams from the Labor Law, Public Law, Tax Law, Real Estate Law and Competition and EU Law areas.