Moeve, backed by Carlyle Group and Mubadala Investment Company, has approved a green hydrogen project exceeding €1bn, equivalent to approximately $1.2bn, according to Reuters.

The project constitutes the first phase of the Andalusian Green Hydrogen Valley and will initially deliver 300MW of capacity. An additional 100MW may be added depending on grid availability and board approval. Moeve recently secured grid connection for the development, which will also be supported by a dedicated solar power plant.

The initiative benefits from more than €300m in European Union subsidies. Moeve will retain a 51% stake in the project, while Abu Dhabi-based renewable energy company Masdar and renewable energy firm Enalter will hold the remaining interest.

The investment aligns with Moeve’s broader €8bn strategic shift towards low-carbon businesses. Formerly known as Cepsa, the company rebranded in 2024 and has divested most of its oil production assets since 2022, including operations in Abu Dhabi and South America.

Moeve reported net profit of €341m in 2025, up from €92m in 2024, reflecting improved financial performance alongside its energy transition strategy.

For Carlyle, the $1.2bn project underscores continued private equity-backed capital deployment into large-scale energy transition infrastructure across Europe. The development also highlights growing collaboration between global private capital and sovereign-backed renewable platforms in advancing hydrogen capacity at scale.

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