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

The Spanish energy company Moeve approved a major green hydrogen investment project that involved more than one billion euros ($1.2 billion) of investments. Masdar, an Abu Dhabi renewable energy company, was 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. This will have a 300 megawatt capacity and the option to add an additional 100 MW based on grid availability and board approval.

It said that it 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 plant is expected to supplement the energy supplied by the grid. More than 300 million euros in European Union subsides are supporting the project.

Moeve is owned by Abu Dhabi's Mubadala and the Carlyle Group, a U.S. private equity firm. Masdar, meanwhile, will own the rest of the project. Moeve (formerly Cepsa) rebranded itself in 2024, reflecting its shift to low-carbon business under an eight-billion euro plan. Since 2022 it has sold off most of its oil assets, including operations in Abu Dhabi and South America. It is continuing its non-binding discussions with Portuguese energy company Galp about combining their refining and chemicals businesses, as well as fuel retailing. Carmen de Pablo said that the companies were working on due diligence in order to reach a final agreement before mid-2026. Moeve's?net profit grew to 341 millions euros last year, up from 92million euros in 2024.

She said that the conflict in Iran has had no direct impact on the company so far. It was still too early to determine any indirect effects. Moeve has no assets or sources of Iranian crude, according to her.

(source: Reuters)