Enagás acquires 31.5% of Teréga and sells 40% of Enagás Renovable to strengthen growth and hydrogen strategy.
Enagás has taken a major strategic step by reaching an agreement to acquire a 31.5% stake in French gas infrastructure operator Teréga from GIC for €573 million. This move strengthens Enagás’s position in the European energy market and supports its long-term strategy focused on energy security, decarbonization, and renewable hydrogen development.
Teréga is a key player in France’s gas transmission and storage sector, operating mainly in the southwestern part of the country. The company manages around 5,100 kilometers of gas pipelines along with two underground gas storage facilities. These assets represent nearly 16% of France’s gas transmission network and approximately 27% of the country’s total gas storage capacity. Teréga’s infrastructure is particularly significant because it is directly connected to Enagás’s network through two international interconnections, creating strong operational and strategic synergies between the two companies.
The acquisition is fully aligned with Enagás’s Strategic Plan and is expected to generate benefits for both Spain and France. By strengthening collaboration between the two transmission system operators, the agreement will help improve the security of gas supply across the region. It also supports both countries’ broader decarbonization objectives by enabling more efficient and coordinated development of sustainable energy infrastructure.
Enagás highlighted that the partnership with Teréga will preserve the operational independence of both companies while enhancing cooperation under the guidance of French and Spanish governments and regulators. Their combined technical expertise and operational knowledge will make it possible to develop projects from a broader regional perspective, improving efficiency among neighboring Transmission System Operators (TSOs). This regional approach is expected to support infrastructure modernization and future hydrogen network development across borders.
The transaction is subject to standard closing conditions, including required regulatory approvals, and is expected to be finalized during 2026. Enagás emphasized that the acquisition is fully compatible with its renewable hydrogen investment plans and contributes positively to the company’s growth outlook. It also reinforces Enagás’s long-term dividend policy and financial sustainability, giving shareholders confidence in the company’s strategic direction.
In addition to this acquisition, Enagás has completed the sale of 40% of Enagás Renovable to Hy24 for €48 million, while maintaining a 20% ownership stake in the business. This transaction is expected to generate a positive impact of approximately €9.5 million on the company’s Earnings Before Tax (EBT) in 2026.
Enagás Renovable was established in 2019 with the purpose of accelerating the development of Spain’s renewable hydrogen sector and supporting the early-stage growth of biomethane as a sustainable energy source. The company has played an important role in promoting green hydrogen infrastructure during its initial development phase, helping position Spain as a key player in Europe’s clean energy transition.
With the rapid acceleration of green hydrogen projects across the full value chain, Enagás has now initiated a divestment process for Enagás Renovable, as outlined in its 2025–2030 Strategic Update. This decision is linked to the company’s leadership in developing the Spanish Hydrogen Backbone Network and aims to ensure full compliance with European regulations regarding the separation of regulated and non-regulated activities.
Together, these two transactions reflect Enagás’s balanced strategy of strengthening its traditional gas infrastructure business while accelerating its leadership in renewable hydrogen and clean energy development across Europe.
