Spanish energy company Moeve has broken ground on the Onuba green hydrogen project in southern Spain after approving more than €1 billion in investment, including over €300 million in European Union subsidies. The first phase will have 300 MW of electrolysis capacity and forms part of a broader project expected to reach 2 GW. Moeve will retain a 51% stake, with Hy24, COFIDES and other investors holding minority positions. CEO Maarten Wetselaar said high natural-gas prices have made green hydrogen competitive with grey hydrogen, reviving interest in cleaner fuels amid disrupted energy markets linked to the Iran war. Moeve is also building a biofuel facility due to start production next year, taking its investment to €2.4 billion so far. The company expects to agree by year-end with Portugal's Galp on combining refining, chemicals and fuel-retail businesses, while Wetselaar said Moeve's remaining Algerian assets are expected to be sold before 2030.