Banc Sabadell| Enagás (ENG) announced at the AGM that it will consolidate its presence in Germany by increasing its stake in the Hanseatic Energy Hub (HEH) consortium from 10% to 15%, where Enagás will assume the technical management of the construction of the Stade LNG plant (scheduled to come online in 2027). The total investment volume of the project amounts to around €1.6 billion (€1 billion for construction).
Assessment: Low impact news, in line with the 22-30 Strategic Plan where Enagás plans to invest close on €1.3 billion until 2026, of which €150 million 9would go to international acquisitions mainly in Europe. In September 2023, HEH chose Enagás as its industrial partner to operate the LNG terminal at the Stade industrial park in Germany.
Buy (Close €13.18; Target Price €20.07).
