MADRID, March 2 (Reuters) - Spanish energy company Moeve has approved a major green hydrogen project involving more than 1 billion euros ($1.2 billion) in investments, with Abu Dhabi renewable energy
Spain's Moeve teams up with Masdar on $1.2 billion green hydrogen project
Major Green Hydrogen Initiative in Spain
Project Overview and Investment Details
MADRID, March 2 (Reuters) - Spanish energy company Moeve has approved a major green hydrogen project involving more than 1 billion euros ($1.2 billion) in investments, with Abu Dhabi renewable energy company Masdar as a minority partner.
Moeve said on Monday it had taken the final investment decision on the first part of the Andalusian Green Hydrogen Valley in Spain, which will have a capacity of 300 megawatts and the possibility to add another 100 MW depending on grid availability and board approval.
Significance and Scale of the Project
It will be the largest such project in southern Europe, it said.
Infrastructure and Funding
The company last week secured a connection to the Spanish grid for the project. A dedicated solar power plant will supplement energy from the grid. The project is supported by more than 300 million euros in European Union subsidies.
Stakeholders and Ownership Structure
Moeve, owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group will keep 51% of the project, while Masdar and renewable energy firm Enalter will hold the remaining stake.
Corporate Strategy and Rebranding
Moeve, formerly Cepsa, rebranded in 2024 to reflect its shift towards low-carbon businesses under an 8-billion-euro plan. It has sold most of its oil production assets since 2022, including operations in Abu Dhabi and South America.
Expansion and Partnership Talks
It continues its non-binding talks with Portuguese energy firm Galp to combine their refining, chemicals and fuel retail businesses.
Due Diligence and Financial Performance
The companies are working to complete due diligence with a view to reaching a final agreement by mid-2026, Moeve's Chief Financial Officer, Carmen de Pablo, said in a call to present 2025 results. Moeve's net profit rose to 341 million euros last year from 92 million euros in 2024.
Geopolitical Context and Risk Assessment
The widening Iran conflict has not had any direct impact on the company's operations so far, while it was too early to assess the potential indirect impact, she said. Moeve does not source Iranian crude and has no assets in the region, she added.
Additional Information
($1 = 0.8519 euros)
(Reporting by Pietro Lombardi. Editing by Mark Potter and Andrei Khalip)
