Enagas-sells-US-energy-assets-to-pursue-hydrogen

Enagás sells US energy assets to pursue hydrogen

MADRID, July 10, 2024 – Spanish grid operator Enagás has agreed to sell its 30.2% shareholding in US energy infrastructure company Tallgrass Energy to US investment firm Blackstone for USD 1.1 billion, Enagás announced on Wednesday.

Proceeds from the transaction will help Enagás fund investments in renewable hydrogen infrastructure and comply with a government mandate that designates the company as provisional manager of the Hydrogen Backbone Network in Spain.

The sale is part of the asset rotation process announced by the company in its 2022-2030 strategic plan, which has decarbonization and security of supply in Spain and Europe as its priorities.

Divestments already carried out by Enagás under its strategic plan include a 45.5% participation in the GNL Quintero terminal in Chile and stakes in the Morelos gas pipeline and the Soto La Marina compression station, both in Mexico.

Acquisitions have included a 15% interest in the Hanseatic Energy Hub consortium for the construction of the first land-based LNG terminal in Germany and an additional 4% stake in the Trans Adriatic Pipeline, which transports natural gas to Europe from the Shah Deniz II field in Azerbaijan.

The transaction is expected to close at the end of July 2024.

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