Enagás boosts hydrogen investment plans, sells stake in Tallgrass Energy

As a extra boost to its hydrogen investment plans, Spanish transmission machine operator (TSO) Enagás has reached an agreement to promote its 30.2% shareholding in the U.S. company Tallgrass Energy to Blackstone Infrastructure Partners for $1,100 million (€1,018 million).

The transaction is anticipated to be closed at the tip of July 2024, although out of the agreed quantity, $50 million would possibly be acquired as soon as an ongoing administrative authorization is acquired.

In step with Enagás, the sale is a bit of the asset rotation direction of announced by the corporate in its 2022-2030 Strategic Notion, which has decarbonization and security of present in Spain and Europe as its priorities.

The corporate claimed that the transaction at closing will generate an accounting loss in the 2024 profits voice of spherical €360 million and can occupy a “very certain” affect on the corporate’s Cash Float Observation attributable to the money-in that this disinvestment involves.

“With the rotation of the stake in Tallgrass Energy, Enagás strengthens its balance sheet to undertake with ensures the execution of the investment device in renewable hydrogen infrastructure, incorporated in the European Union’s list of Projects of Frequent Passion and complying with the mandate of the Royal Decree-laws 8/2023 that designates Enagás as provisional manager of the Hydrogen Backbone Community,” Enagás said.

This transaction is additionally said to toughen the corporate’s dividend policy, to boot to its long-length of time sustainability.

To voice, as piece of the asset rotation direction of announced by the corporate in its Strategic Notion, Enagás has carried out completely different sales transactions much like its participation in the GNL Quintero terminal in Chile, to boot to the Morelos gas pipeline and the Soto La Marina Compression Position, both in Mexico.

The corporate has additionally carried out catch operations in Spain and Europe much just like the acquisition of a further 4% in the Trans Adriatic Pipeline (TAP), reaching 20% ​​of the shareholding, and the entry into the Hanseatic Energy Hub (HEH) consortium with a 15% stake for the device of the principle land terminal for liquefied pure gas (LNG) in Germany.

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