PwC advises FOCO on investment in Onuba
PwC Tax & Legal has advised FOCO, the co-investment fund managed by COFIDES, on its investment in the Onuba project, the first phase of the Andalusian Green Hydrogen Valley, which will develop a 300 MW green hydrogen production plant in Huelva.
The investment was carried out through Hydrogen Partners Assetco Spain (HPAS), a vehicle jointly backed by FOCO and Hy24 – SHV France, which has acquired a 29% stake in Onuba Sustainable Fuels.
The project is led by Moeve, which holds a 51% stake, alongside Enalter. The project involves a combined investment of approximately €890 million and will initially have 300 MW of electrolysis capacity, with the potential to add a further 105 MW.
PwC’s advisory work included assistance on the investment documentation for HPAS and Onuba, as well as legal due diligence covering corporate, regulatory, construction and tax matters.
The profile
The PwC team advising on the transaction included Andrés Mochales Forero, Javier Peñalver, Beatriz Socías Flores and Matías Raga Piedra from the Legal and M&A team; Gerardo García-Boente Dávila from Real Estate; and Silvia Lucena Gálvez and Pablo Rubio Martín from Tax.
