Spain’s Enagas lays the ground for future hydrogen investments

Spanish grid operator Enagas sets ground for future hydrogen investments: Enagas is reducing its debt to shift focus from traditional gas and invest up to EUR 6 bn in hydrogen infrastructure, Reuters reports. The company has reduced its net debt by nearly EUR 1 bn through the sale of its 30.2% stake in US-based Tallgrass Energy, bringing its debt to around EUR 2.4 bn. The company plans to invest in Spain’s planned hydrogen network and the H2Medcorridor connecting Iberia with northwest Europe.

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Spain has big hydrogen plans: Spain approved nearly EUR 794 mn in subsidies for hydrogen projects to position itself as a leader in green hydrogen production in July. The subsidies came as the country aims to achieve 12 GW of green hydrogen production capacity by 2030. Although Enagas is making moves to enter the hydrogen sector, some companies, such as Repsol, are slowing down their planned hydrogen ventures in the country.