Inditex founder Ortega buys 5% in Enagas’s renewable, hydrogen unit

Fashion retailer Zara founder Amancio Ortega bought a 5% stake in Spanish gas grid operator Enagas’s (ENAG.MC) renewable and hydrogen unit Enagas Renovable, Enagas said on Wednesday.

Ortega’s family office Pontegadea, which had already taken a 5% stake in Enagas, will partner with Hy24, a joint venture between buyout fund Ardian and green hydrogen investor FiveT, which took a 30% stake in the renewable unit last week, while Enagas will keep 65%.

Pontegadea, the Ortega family’s investment vehicle, controls a 59.29% stake in Inditex (ITX.MC) and manages a portfolio of real estate investments in New York, Toronto, London and downtown Madrid.

It has bought minority stakes in energy infrastructure such as Enagas, Red Electrica de Espana , Portugal’s Redes Energeticas (RENE.LS).

Separately, Enagas reiterated it expects a 2022 net profit of between 380 to 390 million euros considering capital gains from asset sales and the impairment of U.S. firm Tallgrass Energy.

The company reported a half-year profit net of capital gains and non-recurring impairments of 215.5 million euros, up from 213 million a year earlier.

($1 = 0.9863 euros)