Spanish infrastructure fund Asterion Industrial Partners is to acquire German renewables developer STEAG from the consortium Kommunale Beteiligungsgesellschaft (KSBG).
KSBG, which represents the municipal utilities of the cities of Dortmund, Duisburg, Bochum, Essen, Oberhausen, and Dinslaken, has valued STEAG at an enterprise value of around €2.6bn.
Asterion said it aims to continue developing STEAG as a whole into a sustainable energy generator with its own climate-friendly capacities leveraging the strengths of STEAG Power and Iqony.
The investor plans to significantly expand the Iqony business by investing in green technologies such as hydrogen, batteries, solar and wind generation, and in district heating.
This will create new green jobs and support employment in the Ruhr and Saar regions, among others.
Jesús Olmos, chief executive of Asterion Industrial Partners, said: “Our firm is fully committed to the energy and heat transition and STEAG is very well positioned to be a very relevant player in Germany and Europe in this process towards cleaner, more competitive and reliable energies such as solar and wind power, while offering an interesting energy mix that is also supported by coal and gas to guarantee the viability of this transition.
“It also has a team of experienced management and skilled employees with technical expertise in wind, solar, and district heating.
“Its energy sites have excellent infrastructure and are optimally connected to the German energy grid.
“With the experience of Asterion’s team in managing companies in green transformation, we are excited to work together to deliver on STEAG’s decarbonization plans and create new, green jobs.”
Asterion intends to continue the development of STEAG as a whole together with the current STEAG Power and Iqony management teams and its corporate co-determination.
It will retain Essen as STEAG’s corporate headquarters.
The transaction is expected to be completed by year-end, subject to customary conditions and regulatory approvals.