Enagás Dives into Hydrogen with Mega €3 Billion Investment
Spain, Wednesday, 19 February 2025.
Enagás is committing €3.125 billion to hydrogen infrastructure, signalling a major shift to renewables. By 2030, their hydrogen assets will surpass natural gas, boosting Europe’s green energy transition.
The Investment Breakdown
I’m excited to share that Enagás has unveiled a comprehensive €4.035 billion strategic investment plan, with €3.125 billion specifically earmarked for renewable hydrogen infrastructure through 2030 [1][2]. This represents a significant commitment, as 77% of the total investment will focus on hydrogen projects [GPT]. The company expects this ambitious plan to drive an impressive 9.5 % compound annual EBITDA growth between 2026 and 2030 [2].
Strategic Positioning and Financial Health
What makes this investment particularly feasible is Enagás’ strong financial position. The company reported a solid net profit of €310.1 million in 2024, showing a 3.2% increase from the previous year [1]. Their strategic sale of Tallgrass Energy in July 2024 helped reduce net debt by approximately €1 billion [1][4], positioning them perfectly for this transformative investment.
Infrastructure Development Plans
I find the scale of infrastructure development particularly impressive. Enagás has completed the conceptual design of the Spanish Hydrogen Backbone and is developing six hydrogen refueling stations, aiming for a total of 12 by 2030 [1]. The company plans to extend this backbone by an additional 1,480 kilometres [1][3], though this expansion, requiring €2.135 billion, is scheduled post-2030 [1].
Scale Green Energy Initiative
A key component of this strategy is the launch of Scale Green Energy, their new subsidiary focused on decarbonization services [2][4]. This initiative will develop crucial projects like CO₂necta and MOSUSOL NetCO₂, which aim to reduce emissions from Spanish cement plants by 4 million tonnes annually by 2030 [4]. This demonstrates Enagás’ commitment to not just hydrogen infrastructure, but to comprehensive climate solutions.
Future Outlook
Looking ahead, Enagás projects that by 2030, their hydrogen assets will exceed their natural gas holdings [1][4]. The company is targeting a net profit of approximately €265 million and an EBITDA of around €670 million by 2025 [1]. With 83% of their total investment qualifying under EU taxonomy for climate change mitigation [8], Enagás is positioning itself as a leader in Europe’s energy transition.