Spain-based Enagás has sold its 30% stake in Tallgrass Energy to Blackstone Infrastructure Partners for $1.1bn.
The company said in a news release that the sale is part of an asset rotation strategy in its 2022-2030 plan, which has decarbonization and security of supply in Spain and Europe as its priorities.
The transaction at closing will generate an accounting loss in the 2024 income statement of around 360 million euros and it will have a very positive impact on the company’s Cash Flow Statement due to the cash-in that this disinvestment involves.
With the rotation of the stake in Tallgrass Energy, Enagás strengthens its balance sheet to undertake with guarantees the execution of the investment plan in renewable hydrogen infrastructure, included in the European Union’s list of Projects of Common Interest and complying with the mandate of the Royal Decree-law 8/2023 that designates Enagás as provisional manager of the Hydrogen Backbone Network.
As part of the asset rotation process announced by the company in its Strategic Plan, Enagás has carried out other sales transactions such as its participation in GNL Quintero terminal, in Chile, as well as the Morelos gas pipeline and the Soto La Marina Compression Station, both in Mexico.
The company has also carried out purchase operations in Spain and Europe such as the acquisition of an additional 4% in Trans Adriatic Pipeline (TAP) —reaching 20% of the shareholding— and the entry into Hanseatic Energy Hub consortium (HEH) with a 15% stake for the construction of the first land terminal for liquefied natural gas in Germany, or the agreement with Reganosa for the creation of an energy hub in the Northwest of Spain.
