Moeve has broken ground on Onuba, a 300 megawatt green hydrogen project outside Huelva in Andalusia, as the refiner leans into Spain's plentiful, low cost renewables to pivot away from fossil fuels. The company pegs this first phase at €1 billion and frames it as a step toward a much larger complex.
At completion, the project is planned to deliver 2 gigawatts of electrolysis and produce up to 300,000 metric tons of hydrogen annually. At that scale, it would rank as the largest installation of its type in Europe. Early output from Huelva is earmarked to fully replace the fossil fuel feedstock now used at Moeve's nearby chemicals plant.
Thyssenkrupp AG's Nucera unit will deliver 15 alkaline electrolyzers for Onuba, equipment that uses an alkaline solution to split water into hydrogen and oxygen. Moeve holds 51% of the project, while Cofides, a Spanish state-controlled financing vehicle, and Enagás Renovable SA own minority stakes. The development has secured about €300 million from the European Union.
Green hydrogen still isn't cheap. The International Energy Agency estimates that renewables-based electrolysis currently runs about $3 to $10 per kilogram, versus $1 to $4 for gray hydrogen made from natural gas without capturing the emissions. In a June report, the agency noted that swings in fossil fuel prices tied to geopolitical risk can improve renewable hydrogen's appeal in the near term, while cheaper electrolyzers and renewable power can pull costs down over time.
Long term transitions in energy remind investors to protect and grow savings. Join Briefs Finance CEO Jaspreet Singh on September 29th for a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, where he shows how we're spotting investment opportunities as the dollar falls. Save your spot.
Moeve CEO Maarten Wetselaar said disruptions to shipping in the Strait of Hormuz linked to the Iran war have sharpened the case for homegrown energy. "This is an energy source we produce in Spain, so we don't depend on Hormuz or other places to keep the energy flowing," he said. He expects scale to bring costs lower, and argued that policy will matter too: "At a €150 carbon price, which is a totally respectable assumption in 2030, it's competitive even with normal gas prices." He also urged Europe to build out its own manufacturing base as supply chains ramp up in China to maintain technological leadership.
Sustainable projects show why a steady plan matters for your money. Our CEO Jaspreet Singh is hosting a FREE live investor workshop, How to Profit From A Dollar That's Losing its Value, on September 29th. Sign up free to join him live.
