Enagas sells 5% stake in renewables unit to Spain's Navantia

Spanish gas grid operator Enagas SA (BME:ENG) has signed an agreement to sell a 5% stake in its renewable gases unit Enagas Renovable to Spain’s state-owned shipbuilder Navantia, both companies announced on Wednesday.

Financial details were not disclosed.

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With the latest deal, Enagas’ stake in the unit, which is heavily involved in the domestic green hydrogen industry, will shrink to 60%. By keeping its holding smaller, Enagas complies with applicable sector legislation and requirements imposed by the Spanish competition regulator to separate activities, the pair said in the statement.

In July this year, Hy24 joint venture, owned by Ardian and FiveT Hydrogen, took a 30% stake in Enagas Renovable. Not long after, Spanish investment vehicle Pontegadea bought a 5% interest in the renewable gases business.

For Navantia, the stake acquisition aligns with the company's goal to be more involved in the green energy business. In April, the public defence and naval industry player launched the Navantia Seanergies brand to gain footing in offshore wind and hydrogen sectors in Spain and abroad.