Madrilena Red de Gas' big shareholders include Dutch pension fund PGGM and Chinese sovereign fund Gingko Tree Investment Ltd with stakes of 33.75 per cent each as well as the EDF Invest arm of French electric utility EDF with 20 per cent and UK's Lancashire County Pension Fund with 12.5 per cent.
The bank now plans to launch a sale process after the summer. EDF Invest, PGGM, the Lancashire fund, Gingko Tree and RBC did not immediately reply to request for comment. Domestic competitors Nortegas and Redexis, the second- and fourth-biggest gas distribution companies in Spain, will consider offers, according to two of the sources. Redexis and Nortegas declined to comment.Gas grids face questions around their role in the pursuit of"net-zero" economies that emit no more carbon than can be absorbed by natural sinks and other technologies.
The European Union has seized on so-called green hydrogen as a way to cut greenhouse gas emissions, especially from heavy industry, but some question its efficiency as it requires vast amounts of clean power to produce and future cost reductions are uncertain.
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