Private equity news spain Private equity news germany Private equity news europe Spains Asterion Acquires German Power Plant Utility Steag

Spain’s Asterion Acquires German Power Plant Utility Steag

Spanish infrastructure investment company, Asterion Industrial Partners, has agreed to acquire German utility STEAG from consortium Kommunale Beteiligungsgesellschaft (KSBG) for $2.8bn (€2.6bn).

Spains Asterion Acquires German Power Plant Utility Steag

The deal is expected to close by the end of 2023, subject to regulatory clearance.

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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.

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