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Spanish Firm Enagas to Acquire Interest in Terega; Enagas Renovable Stake Sale Completed

-- Spanish energy firm Enagas said Tuesday it will acquire a 31.5% interest in French operator Terega from Singaporean sovereign wealth fund GIC, for 573 million euros ($674.34 million).

Terega's network, spanning 5,100 kilometers of gas pipelines and equipped with two underground storage facilities, is connected to Enagas' system via two international connections.

Terega's infrastructure represents roughly 16% of the French gas transmission network and 27% of the national storage capacity, according to the report.

The transaction, set to close this year, is expected to help strengthen energy security in both countries, support decarbonization goals, and improve the efficiency of adjacent projects.

Enagas also said it has completed the sale of Enagas Renovable's 40% stake to Hy24 for 48 million euros, potentially improving this year's earnings after tax by 9.5 million euros.

Enagas retained a 20% interest in the company.

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