Enagas to invest $3.26B in green hydrogen corridor by 2030

In Spain, Enagas has completed the conceptual design of the Spanish Hydrogen Backbone, awarded the basic engineering for the first two compressor stations and will deploy the Conceptual Public Participation Plan in the coming months. Enagás plans to adopt the final investment decision (FID) at the end of 2027.

The Call For Interest of the European H2med corridor – the results of which Enagás presented on 10 February together with the operators NaTran, Teréga, REN and OGE, was a success in terms of participation, with 528 projects presented by 168 companies. The results of this initiative consolidate H2med as the most advanced hydrogen corridor in Europe.

Enagás has also obtained 100% of the Connecting Europe Facility (CEF) funding requested to carry out studies for its Projects of Common Interest (PCI) in the H2med corridor, the Spanish Hydrogen Backbone and associated storage, amounting to 75.8 million euros for the company. 

In the presentation of its Strategic Update, Enagás has announced an investment of 4.035 billion euros over the next six years, which will allow the company’s EBITDA to grow by 9.5% per year between 2026 and 2030.

Of the total investment – 83% of which is eligible according to the EU taxonomy until 2030 for its contribution to the environmental objective of mitigating climate change – 3.125 billion euros will be allocated to the deployment of renewable hydrogen infrastructure, which will be the company’s main growth driver. 

With this investment plan, Enagás will increase its regulated assets between 2025 and 2030 to almost 5 billion euros. By 2030, the company’s hydrogen assets will exceed its natural gas assets. 

In addition, the company presented four new sections for the Spanish Hydrogen Backbone to the second call for PCI, based on the results of the Call For Interest launched in 2023. This extension of the first axes of the Spanish Hydrogen Backbone will involve an additional 1,480 kilometres of route, with an estimated gross investment of 2.135 billion euros. This investment is not included in the Strategic Update as it will take place after 2030.