MADRID (Reuters) – Amancio Ortega, the founder of Zara, has purchased a 5% stake in Enagas Renovable, the renewable energy and hydrogen unit of the Spanish gas grid operator Enagas.This was announced by Enagas on Wednesday.
Ortega’s family office, Pontegadea, already owned 5% of Enagas. It will now work with Hy24, a partnership between buyout fund Ardian and green hydrogen investor FiveT. Last week, Hy24 bought a 30% stake in the renewable unit, while Enagas kept 65%.
The Ortega family invests through Pontegadea, which has a 59.29% stake in Inditex (BME:ITX) and manages a portfolio of real estate investments in New York, Toronto, London, and Madrid’s downtown.
It has bought small parts of energy companies like Enagas, Red Electrica de Espaa, and Redes Energeticas in Portugal.
Separately, Enagas said again that it expects a net profit of between 380 and 390 million euros in 2022, which includes capital gains from the sale of assets and the write-down of U.S. company Tallgrass Energy.
The company reported a net profit of 215.5 million euros for the first half of the year, which was up from 213 million euros at the same time last year.
($1 = 0.9863 euros)
