Spanish infrastructure investment company, Asterion Industrial Partners, has agreed to acquire German utility STEAG from consortium Kommunale Beteiligungsgesellschaft (KSBG) for $2.8bn (€2.6bn).
The deal is expected to close by the end of 2023, subject to regulatory clearance.
STEAG is made up of two businesses, STEAG Power and Iqony. STEAG Power operates hard-coal-fired power plants at six locations, generating 5% of Germany’s total electricity.
Iqony focuses on renewable energies and technologies that can be used in a climate-neutral way, including solar, wind, geothermal energy, hydrogen and storage solutions, engineering services, and gas-fired power plants, which are expected to be powered by hydrogen in the future.
Asterion has declared its commitment to preserving STEAG as a whole and supporting its decarbonization plans, with a goal of becoming a climate-neutral utility by 2040.
With the experience of Asterion’s team in managing companies in green transformation, the company aims to deliver on STEAG’s decarbonization plans and create new green jobs.
