On 2 March 2026, Moeve (a Spanish energy company) took a final investment decision (FID) for the first phase of the Andalusian Green Hydrogen Valley in Spain — the largest project of its kind in Southern Europe.
The project (Phase 1: Onuba)
- Capacity: 300 MW, with an option for +100 MW subject to securing additional grid capacity and board approval.
- Investment: over €1 billion (including related infrastructure and a photovoltaic plant for self-consumption).
- Output/impact: around 45,000 tonnes of green hydrogen per year and avoidance of around 250,000 tonnes of CO₂ per year.
Financing and European support
- The project has been designated as a Project of Common European Interest (PCI) by the European Commission.
- It will receive €304 million from the Spanish government under the Recovery, Transformation and Resilience Plan (NextGenerationEU), through the “Hydrogen Valleys” scheme to develop 400 MW of the Andalusian Valley.
Use of green hydrogen (according to Moeve)
- fuel for aviation, automotive, and maritime transport
- decarbonisation of the chemical and fertiliser industries
About Moeve
Moeve (formerly Cepsa) rebranded in 2024 as part of a transition toward low-carbon activities under an €8 billion plan. Since 2022, it has sold most of its oil production assets, including operations in Abu Dhabi and South America. Moeve’s net profit increased to €341 million in 2025, up from €92 million in 2024. The company is also holding preliminary (non-binding) talks with Galp to combine refining, chemical, and fuel trading businesses, with the aim of a possible final agreement by mid-2026.
Sources: Moeve official press release (02.03.2026), Reuters / Hydrogen Central, ESG News, Hydrocarbon Engineering.
