Moeve, the $12B energy group backed by Mubadala and Carlyle, has secured final approval for a €1B green hydrogen project in Spain, marking a rare success in a sector plagued by cancellations. The Andalusian Green Hydrogen Valley will begin with a 300MW electrolyser powered by new solar and wind facilities, with production expected to start in 2029.

EU subsidies of over €300M will support the first phase, which aims to eventually reach 2GW capacity. The project overcame key grid connection hurdles last week, addressing a major obstacle for industrial hydrogen development. Moeve CEO Maarten Wetselaar emphasized that despite industry setbacks, the company remains committed to the energy transition.

The initiative comes as more than 50 hydrogen projects have been delayed or abandoned globally in the past two years due to high costs and insufficient infrastructure. Moeve plans to produce green hydrogen for 'well south of €6 per kilo,' roughly double conventional hydrogen prices, and will initially supply its own refinery while exploring certificate trading for decarbonization.