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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...

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

Read also:

  1. Asterion, investing in infrastructure companies like energy and telecommunications, saw the acquisition of Steag as an entry into the German market.
  2. The municipal utilities of Duisburg, Bochum, Essen, Oberhausen, and Dinslaken had owned shares in Steag GmbH since 2011 but decided to sell due to high investment requirements.
  3. Steag's focus has now shifted to the renewable energy business, operating under the name Iqony, generating earnings and turnover in 2022.
  4. With Asterion as the new owner, Steag's necessary financial strength enables investments in hydrogen, energy storage, photovoltaic, and wind energy.
  5. Andrea Reichel, Steag CEO, emphasized the transformation of the company, aiming to make power plant sites on the Ruhr and Saar climate-neutral using hydrogen production plants and new hydrogen-capable gas-fired power plants.
  6. The energy transition becomes a reality at Steag Power's traditional power plant sites, with Iqony implementing decarbonization projects, creating sustainable prospects for coal-fired power plant employees.
  7. The Spanish investor Asterion's takeover of Steag, the former largest coal-fired power producer in Germany, was welcomed by local gas and electricity markets in North Rhine-Westphalia, Germany.
  8. Asterion's entry into the German energy sector marks a significant shift towards alternative energies, signaling a movement away from coal-based power production and a push towards a more sustainable and climate-neutral future.

Source: www.stern.de

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