Moeve has closed the new shareholding structure of Onuba, the green hydrogen project that the company is developing in Palos de la Frontera (Huelva), with the entry of Cofides and Hy24 in place of Masdar. The operation incorporates for the first time into the project an investment vehicle participated by the State and one of the main funds specialized in hydrogen infrastructure, linked to the French investment giant Ardian.
The new structure keeps Moeve as the majority shareholder, with 51% of the capital. Cofides and Hy24 will jointly control another 29%, while Enagás Renovable and Alter Enersun will share the remaining 20%. The company has not specified what percentage corresponds individually to Cofides and Hy24.
The move coincides with the start of the works for the first phase of Onuba, which involves an investment of over 1,000 million euros. The project will initially have 300 megawatts (MW) of electrolysis capacity, with the possibility of expanding it later to 405 MW.
The entry of the new partners confirms the replacement of Masdar, a change that had already been anticipated by El Confidencial. The Abu Dhabi company, however, does not completely disappear from the industrial operation: it will maintain its relationship with the project as a supplier of renewable electricity through Saeta Yield.
Cofides enters the capital through FOCO
The operation has a dual financial aspect. On one hand, the project has 304 million euros of public funding granted by the Government under the Recovery Plan, financed by the European NextGenerationEU funds. On the other hand, Cofides enters directly into the shareholding of Onuba through the Co-Investment Fund (FOCO).
Market sources cited by El Confidencial estimate the value of Cofides’ participation at around 150 million euros, which raises the total volume between that participation and the public aid granted to the project to about 454 million.
Therefore, it is about two different instruments: the European public funding intended for the development of the facility and the shareholding participation of Cofides, a public-private financial entity.
For its part, Hy24 will make its investment through its Clean Hydrogen Infrastructure Fund, incorporating into the project the backing of a fund specialized in hydrogen infrastructures. The company has not communicated the amount disbursed by the new shareholders nor has it explained the reasons for Masdar’s exit from the capital.
A plant of up to 405 MW
Onuba constitutes the first phase of the industrial development of the Andalusian Green Hydrogen Valley. The facility will initially have 300 MW of electrolysis, a capacity that can later be expanded by another 105 MW to reach the 405 MW contemplated for this phase.
The investment, exceeding 1 billion euros, includes both the hydrogen production plant and the associated infrastructures and a photovoltaic installation intended for self-consumption.
According to Moeve’s forecasts, Onuba will be able to produce approximately 45,000 tons of renewable hydrogen per year. The company also estimates that the development, construction, and commissioning of the project will have an impact of more than 8,000 direct, indirect, and induced jobs.
The operation occurs at a time when the company has already begun the construction of this first phase, moving to a different stage compared to the initial announcements and agreements of the project: the execution of the industrial facilities.
A project of 2.4 billion in Huelva
Onuba is part of a broader investment plan by Moeve in Huelva, with a total allocation of 2.4 billion euros. The industrial project also includes a new second-generation biofuels plant.
This second facility is expected to begin in 2027 the production of sustainable aviation fuel (SAF) and renewable diesel (HVO), as part of the company’s industrial transformation strategy.
The Andalusian Green Hydrogen Valley has, as a whole, a dimension greater than the first phase of Onuba. The plan contemplates reaching 2,000 MW of electrolysis capacity, distributed among Moeve’s industrial complexes in Palos de la Frontera and San Roque (Cádiz).
The works that begin now correspond only to the first phase of the Huelva complex, with those initial 300 MW and a planned expansion to 405 MW.
The State goes from financing to participating
The new structure thus introduces a relevant change in the composition of the project. Public support is no longer limited to the European funding granted for its development: Cofides becomes part of the shareholding of Onuba, although Moeve retains majority control with 51%.
At the same time, the entry of Hy24 strengthens the presence of specialized capital in the development of hydrogen-related infrastructures. Masdar abandons its shareholding position but remains related to the project through the supply of renewable electricity.
The operation configures a project in which industrial capital, public investment, and specialized hydrogen financing converge, with Moeve maintaining the control position and the execution of a first plant that aims to become one of the main industrial developments of renewable hydrogen in Spain.
