New Owner For Germany’s STEAG GmbH

• Asterion Industrial Partners has acquired STEAG GmbH from KSBG for an enterprise of €2.6 billion  
• The acquisition includes both coal-based power plant company STEAG Power and green energy business under the Iqony brand  
• Asterion says it plans to invest significantly in green technologies to support Iqony's growth 

Carrying an enterprise value of around €2.6 billion ($2.8 billion), Germany's STEAG GmbH has been acquired by independent investment management firm from Spain, Asterion Industrial Partners from the municipal utility consortium of Kommunale Beteiligungsgesellschaft (KSBG).  

This acquisition brings to Asterion's fold both STEAG Power GmbH, which operates hard-coal-fired power plants at 6 locations in Germany, and the green growth business Iqony GmbH including solar, wind (see Germany's Steag Separates Renewable Energy Business).   

Together, both STEAG Power and Iqony represent about 2% share of Germany's total electricity generation, according to KSBG. Asterion said it plans to deliver on STEAG's decarbonization plans and create new, green jobs.  

It also aims to significantly expand Iqony's business by investing in green technologies as solar, wind, hydrogen, batteries in both heat and electricity.  

"STEAG is very well positioned to be a very relevant player in Germany and Europe in this process towards cleaner, more competitive and reliable energy sources 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," Jesús Olmos, CEO Asterion Industrial Partners. "Its energy sites have excellent infrastructure and are optimally connected to the German energy grid." 

In December 2022, Asterion sold its renewable energy development platform Asterion Energies to Repsol with its 7.7 GW portfolio (see Repsol Acquires Renewables Investor Asterion Energies).