Spain's Moeve joins forces with Masdar to launch a $1.2 billion green hydrogen project

Spanish energy company Moeve approved a major green hydrogen project that involves more than 1 billion euros ($1.2billion) in investment, with Abu Dhabi renewable energy company Masdar as a "minority" partner.

Moeve announced on Monday that it had made the final investment decision for the first part in the Andalusian Green Hydrogen Valley, Spain. The project will have a 300-megawatt capacity and the "possibility" to add an additional 100 MW based on grid availability and board approval. This will be the biggest project of its kind in southern Europe.

Last week, the company secured a connection with the Spanish grid to support the project. A dedicated solar power station will supplement the energy that is provided by the grid. The project is supported by European Union subsidies worth more than 300 millions of euros.

Moeve and Masdar will each hold 51%, with Enalter and the renewable energy company Enalter holding the remainder.

Moeve, owned by Abu Dhabi's fund Mubadala and the U.S. private equity firm Carlyle Group in the United States, rebranded itself as Moeve in 2024. This was to reflect a shift from high-carbon business models towards low-carbon ones under an eight-billion euro plan. Since 2022 it has sold most of its oil production assets, including those in Abu Dhabi and South America.

Moeve said on Monday that its net profit grew?to 341 millions euros from 92million euros a year ago.

Moeve said that its discussions with Portuguese energy firm Galp about combining their refining, chemical and fuel retail businesses were continuing and in a nonbinding phase.

(source: Reuters)