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The Billionaire And Owner Of Zara Decided To Invest In The Renewable Energy Sector And Bought About 5% Of The Energy Department Of The Company Enagás. The Purchase Will Allow Enagás To Strengthen Itself Even More In The Renewable Energy Sector, Especially Green Hydrogen.
On Wednesday, (07/27), the founder of Zara, Spanish billionaire Amancio Ortega, announced with the energy and gas company the purchase of 5% of the renewable energy sector of Enagás, which stated its financial goals for 2022 after reporting a rising profit in the first half.
The New Participation Of Zara Will Allow Enagás To Strengthen Itself In The Energy Sector
Ortega’s cooperation, the value of which has not yet been disclosed, will allow the energy and gas company to strengthen itself in the renewable energy department, especially in the green hydrogen sector, at a crucial moment for Spain, which was celebrated by the group in an official statement. It is worth remembering that the Spaniard was already a shareholder of the gas group since 2019, when he invested €281 million to buy an additional 5% of the company.
The new investment made by Ortega, now in the renewable energy sector, was announced a week after the energy company bought 30% of the subsidiary from the specialized fund Hy24. This fund was created in 2021 with the aim of developing the infrastructure and logistics related to hydrogen in Europe and the world, by French industrialists Air Liquide, TotalEnergies, and Vinci, along with the Ardian group.
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Thus, with this dual operation, Enagás retains only 65% of its renewable energy department. The head of the Spanish gas network also confirmed its financial goals for 2022, after having registered a rising net profit in the first half, an increase of about 1.1%, reaching approximately €215.5 million.
The company expects to achieve a profit between €380 and €390 million by the end of the year, which is due to the context of strong tensions in the gas market because of the war in Ukraine.
Understand More About The Gas Company And How It Works
Founded in 1972, Enagás S.A. is a Spanish company, a leader in the energy sector, in addition to being the owner and operator of Spain’s gas network (pipeline transport), it is also specialized in the storage and transportation of natural gas. The company also owns several LNG regasification terminals in Spain. Its stock is traded on the Madrid Stock Exchange.
The Enagás company aims to contribute to ensuring energy supply security, an essential service for the well-being of society, with high quality. Therefore, by creating the innovation process, the company increasingly seeks the decarbonization process and, thus, value for its stakeholders. Enagás guarantees quality and safety for all its customers.
The company has purchased stakes in LNG assets in Spain and Chile and will discuss purchases in Brazil. In the case of the purchase in Spanish territory, Enagás is acquiring a 42.5% stake in Union Fenosa Gas at the Sagunto LNG terminal for €106 million.
Earlier this year, the company already acquired a 30% stake in the Sagunto unit and also purchased, at that time, a stake in an LNG terminal in Bilbao, making the company operate in six such units across Spain.
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