backKing & Spalding advised Moeve S.A. (“Moeve”), Spain’s integrated energy company (formerly known as Cepsa), on the first phase of the Andalusian Green Hydrogen Valley, which is one of Europe’s most ambitious green hydrogen developments. The project, led by Moeve with a majority stake (51%), will also include participation from Masdar Green Hydrogen and Enalter (majority owned by Enagás Renovable, a pioneering company in the development of renewable gases).
K&S advised on the offtake arrangements from the project, as well as related arrangements to develop and operate the green hydrogen production facility in Palos de la Frontera, Huelva, Spain.
On 3 March 2026, Moeve secured final investment approval for the initial phase of the project, known as Onuba, involving a total global investment of more than €1 billion , including associated infrastructure and a self consumption photovoltaic plant, which has been awarded with €304 million in European Union subsidies. The initial stage will comprise the development of a 300 MW electrolyser, integrated with new solar and wind generation. Located in southern Spain, the Andalusian Green Hydrogen Valley is designed to benefit from the region’s excellent weather conditions for the significant quantities of renewable energy dedicated to the project.
The project is positioned to support the decarbonisation of hard-to-abate sectors and will seek to sell green hydrogen certificates to companies looking to decarbonise their operations, as well as contributing to the development of a stronger green hydrogen market in Europe.
The King & Spalding team was led by Global Head of Energy, Dan Feldman (Abu Dhabi), Partner, Zoë Bromage (Singapore) and Associate, Antonia Wood (London).
King & Spalding currently has over 100 lawyers working on over 150 green and low-carbon projects and transactions worldwide. This latest milestone, being a landmark European green hydrogen project, comes after King & Spalding advised the sponsors of the Egypt Green Hydrogen project (which will supply Fertiglobe in connection with H2Global’s pilot auction for green ammonia into Europe), JERA on the Japanese contract-for-difference winning Blue Point clean hydrogen project in the U.S., and on all aspects of the US$8.4 billion NEOM Green Hydrogen Project in Saudi Arabia - the world’s first bilateral offtake agreement for green ammonia to be exported internationally at scale.