Enagás boosts hydrogen funding plans, sells stake in Tallgrass Energy

Enagás boosts hydrogen funding plans, sells stake in Tallgrass Energy

Home Hydrogen Enagás boosts hydrogen funding plans, sells stake in Tallgrass Energy

July 10, 2024,
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Aida Čučuk

As an additional enhance to its hydrogen funding plans, Spanish transmission draw operator (TSO) Enagás has reached an agreement to promote its 30.2% shareholding within the U.S. company Tallgrass Energy to Blackstone Infrastructure Companions for $1,100 million (€1,018 million).

Archive; Courtesy of Enagás

The transaction is anticipated to be closed at the cease of July 2024, although out of the agreed quantity, $50 million will be got as soon as an ongoing administrative authorization is obtained.

Per Enagás, the sale is a segment of the asset rotation job launched by the corporate in its 2022-2030 Strategic Opinion, which has decarbonization and safety of provide in Spain and Europe as its priorities.

The company claimed that the transaction at closing will generate an accounting loss within the 2024 earnings assertion of around €360 million and could per chance have a “very decided” impact on the corporate’s Money Float Assertion attributable to the cash-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 funding concept in renewable hydrogen infrastructure, incorporated within the European Union’s list of Projects of Overall Hobby and complying with the mandate of the Royal Decree-laws 8/2023 that designates Enagás as provisional supervisor of the Hydrogen Backbone Community,” Enagás acknowledged.

This transaction is additionally said to make stronger the corporate’s dividend policy, moreover its long-term sustainability.

To recount, as segment of the asset rotation job launched by the corporate in its Strategic Opinion, Enagás has conducted various sales transactions equivalent to its participation within the GNL Quintero terminal in Chile, moreover the Morelos gasoline pipeline and the Soto La Marina Compression Plan, each and each in Mexico.

The company has additionally conducted possess operations in Spain and Europe equivalent to the acquisition of an additional 4% within 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 construction of the principle land terminal for liquefied pure gasoline (LNG) in Germany.

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