Enagás SA has agreed to sell its 30.2% share of Tallgrass Energy Partners to Blackstone Infrastructure Partners, for $1.1 billion. Enagás described the sale as strengthening its balance sheet to undertake planned investments in renewable hydrogen infrastructure that are part of its role as provisional manager of the European Union’s Hydrogen Backbone Network.
The transaction is expected to close end-July 2024. Enagás described the sale as part of the asset rotation process it announced in its 2022-30 strategic plan, which has decarbonization and security of supply in Spain and Europe as its priorities.
As part of the asset rotation process being pursued under the plan, Enagás has also sold its participation in the 20-million standard cu m/day GNL Quintero terminal, in Chile, as well as the 337-MMcfd Morelos gas pipeline and its 50% stake in the 1.85-bcfd Soto La Marina compression station, both in Mexico.
The company has also bought an additional 4% interest in the 10-billion cu m/year (bcmy) Trans Adriatic Pipeline—brining its share to 20%—and a 15% stake in the Hanseatic Energy Hub GMBH, which is building the first land-based LNG terminal in Germany (13.3 bcmy), due for commissioning in 2027.
In September 2023, Enagás bought Reganosa’s 130 km network of gas pipelines and sold Reganosa its 25% stake in the 8-bcmy El Musel terminal in Gijón, Spain. At the time of the transaction the companies said it was intended to favor creation of a large energy hub in the northwest of the Iberian peninsula and reinforce Spain's role as Europe's renewable hydrogen enclave, integrating renewable hydrogen production in the area with future hydrogen corridors.
Christopher brings 27 years of experience in a variety of oil and gas industry analysis and reporting roles to his work as Editor-in-Chief, specializing for the last 15 of them in midstream and transportation sectors.
