Clean hydrogen private equity manager Hy24 and Spanish financial institution COFIDES have acquired a combined 29% minority stake in “Onuba,” the first phase of the Andalusian Green Hydrogen Valley led by energy company Moeve.
Under the updated ownership structure, Moeve retains a 51% majority stake, with Enagás Renovable, Alter Enersun, Hy24 (investing via its Clean Hydrogen Infrastructure Fund), and COFIDES holding the remaining equity.
With an initial investment exceeding €1 billion, the 300 MW project—located within Moeve’s Energy Park in Palos de la Frontera (Huelva)—is the largest green hydrogen electrolyzer development in southern Europe to reach a Final Investment Decision (FID) and begin active construction. German technology supplier thyssenkrupp nucera will supply the 300 MW alkaline water electrolysis equipment.
Construction Begins in Southern Europe’s Hydrogen Hub
Site preparation is underway, with the official groundbreaking ceremony taking place today, September 17. The plant holds the option to expand by an additional 105 MW subject to grid capacity and board approval.
At its initial 300 MW capacity, Onuba will produce approximately 45,000 tonnes of green hydrogen annually, preventing around 250,000 tonnes of $\text{CO}_2$ emissions per year—equivalent to offsetting all passenger car emissions in the Spanish cities of Huelva, Cádiz, and Jaén combined.
“Together, our shared vision and investment will deliver one of the most significant green hydrogen projects in Europe, accelerating the hydrogen economy and supplying renewable fuels to hard-to-abate sectors,” said Maarten Wetselaar, CEO of Moeve.
Pierre Etienne Franc, co-founder and CEO of Hy24, added: “Onuba demonstrates that green hydrogen is scaling up through real industrial projects, delivering local benefits with tier-one Spanish partners… paving the way for a southwestern European hydrogen network.”
EU Strategic Support and Financial Backing
The project has been designated a Project of Common Interest (PCI) by the European Union and was awarded €304 million in grant funding by the Government of Spain under its Recovery, Transformation and Resilience Plan (financed via NextGenerationEU).
According to research by Moeve and PwC, green molecules like renewable hydrogen could reduce Europe’s foreign energy dependence by up to 50% by 2040 while replacing between 30% and 50% of fossil fuel demand in carbon-intensive, hard-to-abate sectors like heavy industry and long-haul transport.