Spanish integrated energy firm Moeve has said that it is ready to commence construction of the Andalusian Green Hydrogen Valley, the largest green hydrogen plant in southern Europe.
The firm, formerly known as Cepsa, said that its board of directors has approved the final investment decision on the facility, paving the way for construction to commence in the coming weeks.
The first phase of the project, dubbed ‘Onuba’, will have 300MW of capacity, with the option to expand by a further 100MW.
It entails a total investment of €1 billion, with Moeve holding a 51% stake in the project, alongside clean energy firm Masdar, and Enalter, a developer of renewable gases majority owned by Enagás Renovable.
‘A defining step’
“This decision to launch Southern Europe’s largest green hydrogen plant marks a defining step in Moeve’s Positive Motion transformation strategy,” commented Maarten Wetselaar, CEO of Moeve.
“Onuba will anchor a world-class hub for green molecules in Spain, supplying renewable fuels to hard-to-abate sectors while reinforcing Europe’s energy and industrial resilience. By partnering with other leaders in renewable energy, we are creating an ecosystem to build at scale.”
The project has been designated a Project of Common European Interest (PCI) by the European Commission and has received €304 million from the Government of Spain under the Recovery, Transformation and Resilience Plan, financed by the European Union’s NextGenerationEU programme.
Full-year performance
The announcement comes on the back of Moeve reporting Clean CCS EBITDA of €1,685 million and Clean CCS Net Income of €686 million in its 2025 financial year, which it described as a ‘solid financial and operating performance’.
Cash flow from operations stood at €1,514 million, while capital expenditure, of which energy transition investments accounted for 55%, totalled €1,151 million.
Wetselaar added that the group’s performance was achieved “despite a complex global backdrop”, with the firm making “meaningful progress on [its] transformation strategy, completing over 50% of construction of our second-generation biofuels plant in southern Spain and scaling up ultra-fast charging points.”
In January, Moeve announced a non-binding agreement with Galp, to move forward with discussions on the potential combination of their downstream portfolios. Read more here and here.
