Information on the target
Moeve is a leading energy company focused on transitioning towards sustainable energy solutions. In the first half of 2025, the company reported a Clean CCS EBITDA of €733 million, demonstrating resilience despite challenges such as lower refining margins and operational disruptions caused by a blackout in Spain and Portugal. The Group's Clean CCS Net Income reached €324 million, supported by an operating cash flow of €652 million, which reflects solid cash conversion capabilities. The company is actively pursuing a transformation strategy aimed at diversifying its portfolio towards more sustainable energy sources.
In line with its Positive Motion strategy, Moeve allocated €502 million in capital expenditures during H1 2025, with over half directed towards Energy Transition projects. This includes significant investments in the Andalusian Green Hydrogen Valley project and the construction of a second-generation biofuels plant in Huelva, which is set to become the largest of its kind in Southern Europe. The company has also strategically divested from its oil production portfolio, selling 70% of its assets since 2022 to focus on sustainable initiatives.
Industry overview in the target’s specific country
The energy sector in Spain is undergoing a significant transformation as the country aims to meet its ambitious climate goals and transition towards renewable energy sources. The Spanish government has implemented various initiatives to promote green energy, including the Strategic Projects for Economic Recovery and Transformation (PERTE) program, which supports investments in sustainable projects. This regulatory environment has created opportunities for companies like Moeve to lead in the development of green technologies, particularly in hydrogen and biofuels.
Spain is positioned as a key player in the European energy transition, with its abundant renewable resources, including solar and wind energy. The country has set a target to achieve 74% of its electricity generation from renewable sources by 2030, which is driving investments in infrastructure and technology. The establishment of projects like the Andalusian Green Hydrogen Valley highlights Spain's commitment to becoming a leader in green hydrogen production, further enhancing its role in the global energy landscape.
Despite the challenges posed by recent operational disruptions, the overall outlook for the energy sector in Spain remains positive. The government's focus on sustainability and decarbonization is expected to foster innovation and attract investment, creating a conducive environment for companies that prioritize energy transition. Moeve's strategic initiatives align well with these industry trends, positioning the company to capitalize on the growing demand for sustainable energy solutions.
The rationale behind the deal The rationale behind Moeve's ongoing transformation strategy is to pivot towards a more sustainable energy portfolio while maintaining financial resilience. The company's recent divestments from traditional oil assets and significant invest…