Enagas Buys French Gas Stake for 573M Euros

Enagas, the Spanish gas grid operator, announced a significant agreement to acquire Singapore's GIC sovereign wealth fund's 31.5% stake in French gas grid operator Terega. This transaction, valued at 573 million euros, is anticipated to conclude within the current year, reinforcing Enagas' strategic direction towards hydrogen infrastructure and securing energy supplies across Europe.

The acquisition of Terega, which manages over 5,000 km of natural gas pipelines and two storage facilities representing a substantial portion of France's gas transport and storage network, is a key step in Enagas' European focus. This follows divestments from non-European assets as the company reorients its strategy.

Enagas projects an 8% return on investment from this deal, with an expected average annual contribution of 15 million euros to its net profit until 2032. Complementing this, Enagas also finalized the sale of a 40% stake in Enagas Renovable to Hy24 for 48 million euros, retaining a 20% interest. Despite a nearly 13% decrease in first-quarter net profit to 56.9 million euros, the company remains on track to achieve its 2026 objectives.