Moeve is holding talks to incorporate new financial and industrial partners into the first phase of its mega project of the Andalusian Green Hydrogen Valley in Huelva, one of the largest energy initiatives currently under development in southern Europe. The energy company led by Maarten Wetselaar negotiates the entry into the Onuba project of the French fund specialized in hydrogen infrastructure Hy24 and of Cofides, the public-private entity specialized in managing state funds.
Both entities would jointly assume the 29% stake initially planned for the Emirati company Masdar in this first phase of the development, while Moeve would maintain majority control of the project with 51% of the capital. Masdar, however, would remain linked to the initiative as an energy supplier through a long-term power purchase agreement (PPA), which maintains the renewable scheme associated with the industrial complex. The remaining 20% will remain in the hands of Enalter, a company mostly owned by Enagás Renovables and whose main shareholder is precisely Hy24, following the recent acquisition of 80% of the capital through its Clean Hydrogen Infrastructure Fund.
The operation represents a new strategic move regarding one of the most ambitious energy projects currently underway in Spain. The construction of Onuba, the first phase of the Andalusian Green Hydrogen Valley, will mobilize an investment exceeding 1 billion euros, including associated infrastructure, and is expected to start works in the coming weeks at Moeve's Energy Park La Rábida in Palos de la Frontera (Huelva).
The complex will initially have a capacity of 300 megawatts (MW) of electrolysis and aims to become the largest green hydrogen plant in southern Europe. Furthermore, the project includes the possibility of developing an additional 100 MW depending on the availability of electrical capacity and future corporate decisions.
