Moeve recorded a 60% rise in Clean CCS net income to €444m last year.
The company, formerly Cepsa, had a busy year selling 70% of its upstream portfolio, starting construction on its second-generation biofuels plant to form part of the largest 2G biofuels complex in southern Europe, launching its service station concept, and beginning the sale of low carbon products from its Chemicals division.
Sustainable aviation fuel (SAF) sales rose to 18,000 cubic metres with Moeve now supplying SAF to all major Spanish airports, expanding its network to include the Canary Islands, and signed SAF agreements with EasyJet and Air Nostrum, as well as with Iberia Maintenance. Nonetheless, SAF production growth has been ‘disappointingly slow’ according to the International Air Transport Association with 2024 volumes reaching 1 million tonnes and accounting for just 0.3% of global jet fuel production.
Moeve also stepped up its biomethane activity, tieing up with PreZero, as it aims to develop 30 plants by 2030.
Read more: Moeve to invest €600m in 30 Spain biomethane plants
Source: Moeve
CEO Maarten Wetselaar, said it envisions generating the majority of EBITDA from sustainable activities by the end of this decade.
“With the fiscal landscape in Spain stabilised to support investment in the energy transition, we can look to the year ahead,” he said.
“We are working toward starting construction on the first phase of the 2 GW Andalusian Green Hydrogen Valley, subject to incentives and regulatory hurdles being resolved. By developing Europe’s largest green hydrogen project Moeve will be one of the first to unlock the huge potential of these sustainable fuels in southern Spain, accelerating decarbonisation and fostering renewed competitiveness and energy security for Europe.”
Cash flow from operations (€1,123m) was ‘robust’, even with lower upstream production following the company’s sales of Abu Dhabi, Colombia and Peru assets, though it ended the year with net debt of €2,369m.
In biofuels, Moeve started construction alongside partners of a second-generation biofuels facility in Huelva, which will produce 500,000 toness of SAF and renewable diesel (hydrogenated vegetable oil or HVO) annually. It will form part of the largest 2G biofuels complex in southern Europe, with a total production capacity of 1 million tonnes per annum.
With the Andalusian Green Hydrogen Valley, it completed detailed engineering and signed preliminary agreements for the supply of electrolysers and the renewable energy necessary for the production of green hydrogen that will contribute to decarbonising its refining and chemical activities, and be used to produce synthetic fuels and advanced biofuels with a low carbon footprint for transport that is hard to electrify.
