Green light for Europe’s green valley: Mubadala-owned Spanish renewables firm Moeve made a final investment decision on the 300 MW Onuba project — part of the Andalusian Green Hydrogen Valley — clearing the way to begin construction in the coming weeks on the EUR 1 bn first phase, according to a statement.

The initial 300 MW facility will have an annual capacity of 45k tons of green hydrogen, making it the largest in Southern Europe. The plant is earmarked for hard-to-abate sectors and is set to offset some 250k tons of CO2 annually.

It could get even larger and expand by another 100 MW, pending additional grid capacity and board approval.

Masdar has a seat at the table alongside Enalter — which is mainly owned by Enagas Renovable — while Moeve leads the development with a 51% stake.

BACKGROUND- Moeve — formerly Cepsa — is majority owned by Abu Dhabi’s Mubadala and US private equity firm Carlyle. The company shifted its focus toward low-carbon energy after decades as a traditional refiner, pledging EUR 8 bn to shift its business toward sustainability.

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