Spanish family biz Masaveu to take part in EDP's H2 projects in Spain

Spanish diversified business group Corporacion Masaveu has laid the groundwork for an investment in green hydrogen projects developed by Portuguese utility group EDP Energias de Portugal SA (ELI:EDP) in Spain.

EDP is committed to setting up a green hydrogen valley at its Abono coal-fired power plant complex in the region of Asturias, north-west Spain. The family-owned Masaveu group will be able to participate in the valley project with a 10% stake, EDP’s Spanish unit said on Friday.

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There is also a possibility for Masaveu to collaborate on energy transition projects at EDP’s remaining thermal power plant sites in Spain, the utility said.

EDP plans to stop burning coal at Abono in 2025, and has already requested approval to close Abono 1. The group also won the approval to convert Abono 2 into a gas-fired power plant, and signed an agreement with Corporacion Masaveu to co-own the revamped facility 50/50.

“The investment decision is now firm and the converted plant will be operational in 2025,” EDP’s Spanish branch said in Friday’s press release.

The development of the Asturias green hydrogen valley project at Abono will continue in parallel. The project is unique in that it was awarded state aid and subsidies through four different funding programmes, including the Important Projects of Common European Interest (IPCEI), EDP added.

Corporacion Masaveu is an indirect shareholder of EDP via Oppidum Capital SL, which holds a 6.82% stake in the Portuguese utility.