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.
The facility will have the capacity to produce about 45,000 tons annually of green hydrogen, primarily intended for the production of sustainable fuels for heavy transport, the maritime sector, and aviation, as well as for industrial processes linked to chemistry and fertilizers. According to estimates provided by the company, the project will prevent around 250,000 tons annually of CO₂ emissions, an amount equivalent to the emissions generated by the combustion vehicle fleet of cities like Huelva, Cádiz, and Jaén.
The development has been recognized as a Project of Common Interest (PCI) by the European Union, a distinction reserved for infrastructures considered strategic for energy security and European decarbonization. Likewise, the Government of Spain recently allocated 304 million euros to the project within the Hydrogen Valleys program, funded with European NextGenerationEU funds through the Recovery, Transformation, and Resilience Plan.
The entry of Hy24 and Cofides would provide a higher financial and institutional profile to a development called to position Huelva as one of the major European energy nodes linked to green molecules and new industrial value chains of the energy transition. The project is part of Moeve's industrial transformation strategy following the rebranding of the former Cepsa and constitutes one of the group's main bets for the deployment of sustainable fuels and renewable hydrogen in the Iberian Peninsula.