Energy - Asterion completes takeover of energy group Steag
The Spanish investor Asterion is the new owner of the Essen-based energy company Steag. The purchase was completed on Friday, as announced by Steag GmbH. The takeover of what was once Germany's largest coal-fired power producer was announced in August. Asterion announced at the time that it wanted to develop Steag as a whole into a sustainable energy supplier. The price quoted for the takeover was 2.6 billion euros.
Since 2011, the municipal utilities of Dortmund, Duisburg, Bochum, Essen, Oberhausen and Dinslaken have owned various shares in the holding company Steag GmbH. They decided to sell the company in 2022 due to high investment requirements.
Asterion specializes in infrastructure companies, particularly in the energy and telecommunications sectors. For the Spanish company, the Steag purchase marks its entry into the German market. The EU Commission approved the billion-euro deal at the end of October.
Steag's focus is now on the renewable energy business, which operates under the name Iqony. In 2022, the Steag Group generated earnings before interest and taxes of just over one billion euros with a turnover of 5.7 billion euros. At the end of 2022, it employed a good 5,500 people.
With Asterion as the new owner, Steag has the necessary financial strength to continue the transformation of the company, explained Steag CEO Andreas Reichel. In addition to investments in hydrogen, energy storage, photovoltaic and wind energy as well as district heating networks, the aim is to make the power plant sites on the Ruhr and Saar climate-neutral. This is to be achieved through the construction of plants for hydrogen production or new hydrogen-capable gas-fired power plants.
According to Reichel, the energy transition is becoming a reality at Steag Power's traditional power plant sites. "Iqony will implement many of its decarbonization projects there, such as the construction of climate-neutral gas-fired power plants." This would also create sustainable prospects for the employees of the coal-fired power plants.
Homepage Steag Homepage Asterion
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Source: www.stern.de
