Pinsent Masons advises Enagás on incorporating Pontegadea

Enagás has incorporated Pontegadea, which has acquired a 5% stake in its subsidiary Enagás Renovable, as a shareholder.

This transaction reinforces the fulfilment of the objective, announced by Enagás in the presentation of its 2022-2030 Strategic Plan on 12 July, of bringing in new leading investors in Enagás Renovable.

On 20 July, Hy24, a joint venture between Ardian and FiveT Hydrogen, became a shareholder in Enagás Renovable, representing the largest investment platform in renewable hydrogen infrastructures in the world. Through a capital increase of the Enagás subsidiary, Hy24 acquired a 30% stake in Enagás Renovable through the Clean H2 Infra Fund.

Following these two transactions, the shareholder structure of Enagás Renovable is as follows: Enagás is the majority investor with 65% of the shares, Hy24 has 30% and Pontegadea has the remaining 5%.

Enagás’ CEO, Arturo Gonzalo, said: “the importance of having a leading investment group such as Pontegadea as our partner in Enagás Renovable, at a crucial time for the development of renewable gases in our country, in line with the Spanish Government’s Hydrogen and Biogas Roadmap and the objectives of the European REPowerEU strategy.”

Roberto Cibeira, CEO of Pontegadea, said that: “the entry into the capital of Enagás Renovable consolidates Pontegadea’s commitment to the renewable energy sector, in line with other recent investments made by the group. This transaction also allows us to support innovation in this type of energy, contributing to the development of hydrogen and biogas technology in Spain with leading partners such as Enagás and Hy24.”

The team from Pinsent Masons advising Enegás was led by Borja Martín Ariza, partner, Olimpia Ortega, senior acssociate Javier Valdés, associate, Álvaro Estrada and Fernando Aldavero.

Michael Heron