MADRID, July 10 (Reuters) - Enagas has agreed

to sell its 30.2% stake in U.S. energy infrastructure company

Tallgrass Energy to finance green hydrogen projects, the Spanish

gas grid operator said on Wednesday.

U.S. investment firm Blackstone, which already had a

stake in Tallgrass, will pay $1.1 billion for the stake, Enagas

said in a statement.

Enagas expects a 360 million euro ($389.38 million) capital

gain from the transaction, which is expected to close by the end

of this month, it said.

Enagas paid $836 million in 2019 to take over Tallgrass with

Blackstone and Singapore's GIC sovereign wealth fund. Tallgrass

was later delisted.

Enagas - in which the Spanish state owns a 5% stake - aims

to transition from its traditional role as a natural gas grid

operator to managing a network of hydrogen infrastructure,

taking advantage of the government's plans to develop green

hydrogen production.

It expects net investment of around 3.2 billion euros will

be required through 2030 to develop its planned hydrogen trunk

network in Spain and its flagship project, the trans-European

H2Med corridor.

To help fund the plan, it has slashed its dividend plans for

the next three years.

By the end of the decade, the group's regulated hydrogen

assets, worth some 3 billion euros, are expected to exceed those

of natural gas, seen at around 2 billion euros.

($1 = 0.9246 euros)