Enagás boosts hydrogen funding plans, sells stake in Tallgrass Vitality

Dwelling Hydrogen Enagás boosts hydrogen funding plans, sells stake in Tallgrass Vitality

July 10, 2024,
by

Aida Čučuk

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

Archive; Courtesy of Enagás

The transaction is anticipated to be closed at the discontinuance of July 2024, though out of the agreed quantity, $50 million will seemingly be bought once an ongoing administrative authorization is bought.

In accordance to Enagás, the sale is a a part of the asset rotation job announced by the company in its 2022-2030 Strategic Realizing, 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 in the 2024 earnings assertion of spherical €360 million and might perhaps per chance smooth personal a “very sure” impact on the company’s Money Float Assertion because of the the money-in that this disinvestment entails.

“With the rotation of the stake in Tallgrass Vitality, Enagás strengthens its balance sheet to undertake with guarantees the execution of the funding thought in renewable hydrogen infrastructure, included in the European Union’s checklist of Initiatives of Long-established Hobby and complying with the mandate of the Royal Decree-laws 8/2023 that designates Enagás as provisional manager of the Hydrogen Backbone Network,” Enagás acknowledged.

This transaction is also said to bolster the company’s dividend protection, moreover to its long-time period sustainability.

To unique, as a part of the asset rotation job announced by the company in its Strategic Realizing, Enagás has implemented other gross sales transactions comparable to its participation in the GNL Quintero terminal in Chile, moreover to the Morelos gasoline pipeline and the Soto La Marina Compression Role, every in Mexico.

The company has also implemented aquire operations in Spain and Europe such because the acquisition of a extra 4% in the Trans Adriatic Pipeline (TAP), reaching 20% ​​of the shareholding, and the entry into the Hanseatic Vitality Hub (HEH) consortium with a 15% stake for the vogue of the principle land terminal for liquefied natural gasoline (LNG) in Germany.

  • Posted: about 1 month prior to now

  • Posted: about 1 month prior to now