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 further strengthen itself in the renewable energy sector, especially green hydrogen.

On Wednesday (27/07), the founder of the company Zara, the Spanish billionaire Amancio Ortega, announced with the energy and gas company, the purchase of 5% of the sector of renewable energy from Enagás, which confirmed its financial goals for 2022 after registering high profits in the first half.

Zara's new participation will enable Enagás to strengthen itself in the energy sector

Ortega's cooperation, whose value 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 had already been a shareholder in the gas group since 2019, when he invested R$ 281 million euros to buy another 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 by the specialized fund Hy24. This fund was created in 2021 with the aim of developing infrastructure and logistics linked to hydrogen in Europe and the world, by the French industrialists Air Liquide, TotalEnergies and Vinci, together with the Ardian group.

Thus, with this double operation, the company Enagás is left with only 65% ​​of its renewable energy department. The leader of the Spanish gas network also confirmed its financial objectives for 2022, after registering a net profit on the rise in the first half, an increase of around 1,1%, which reached around 215,5 million euros.

The company expects to obtain a profit of between 380 and 390 million euros by the end of the year, this happens because of the context of strong tensions in the gas market, due to the war in Ukraine.

Understand more about the gas company and how it works

Founded in 1972, Enagás SA is a Spanish company, leader in the energy sector, in addition to being the owner and operator of the gas network in Spain (gas pipeline transport), it is also specialized in the storage and transport of natural gas. The company also owns several liquid natural gas regasification terminals in Spain. Its shares are traded on the Madrid Stock Exchange.

The company Enagás has the main objective of contributing to guarantee the security of energy supply, an essential service for the well-being of the society, with great quality. Therefore, by creating the innovation process, the company increasingly seeks the decarbonization process and, therefore, value for our stakeholders. Enagás guarantees quality and safety for all its customers.

The company bought stake in LNG assets in Spain, Chile and will discuss purchase in Brazil. In the case of the purchase in Spanish territory, Enagás is buying a 42,5% stake from Union Fenosa Gas in the LNG terminal in Sagunto, for 106 million euros.

At the beginning of the year, the company had already acquired a 30% stake in the Sagunto unit and also bought, still on that occasion, a stake in a LNG terminal in Bilbao, causing the company to operate in six units of this type in all of Spain.