Asterion boosts German energy transition with STEAG purchase

We are fully committed to the renewable energy & heat transition around Europe, shares Jesús Olmos CEO of Asterion Industrial Partners as it acquires STEAG

STEAG, which currently generates 5% of Germany’s electricity, has been bought by Spanish infrastructure investor Asterion Industrial Partners in a US$2.8bn deal expected to be completed by December 2023.

“Our firm is fully committed to the energy and heat transition,” shares Jesús Olmos, Founding Partner and CEO of Asterion Industrial Partners. 

“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.”

STEAG: Reliable German energy 

STEAG comprises the two business units STEAG Power GmbH and Iqony GmbH. STEAG Power operates hard-coal-fired power plants at six locations in Germany, whilst Iqony offers solutions for decarbonisation, decentralisation and digitalisation of energy supply. 

Iqony focuses on renewable energies and bridging technologies that can also be used in a climate-neutral way in the future. In addition to solar, wind, and geothermal energy, the portfolio also includes hydrogen solutions, storage technologies, engineering services, and modern gas-fired power plants that will be climate-neutral in the future through the use of hydrogen.

"With Asterion, the best possible solution has been found for the existing shareholders and the company so that both divisions of the STEAG Group can continue to develop positively,” says Heike Heim, CEO of Dortmunder Stadtwerke (DSW21) and Chairman of the Supervisory Board of KSBG, which has sold its stake in STEAG to Asterion.

“We wholeheartedly wish the STEAG Power and Iqony teams all the best and much success on their way forward. 

“The fact that the STEAG Group is transforming itself and is well equipped for the energy markets of the future is shown not least by the current very stable economic results."

Combined energy approaches for a stable energy present & a green energy future

The declared aim is to preserve STEAG as a whole; in coal fired power generation, STEAG's power plants continue to make a major contribution to ensuring security of supply in Germany and Europe, whilst further growth is expected for the future technologies bundled in Iqony.

“STEAG has a team of experienced management and skilled employees with technical expertise in wind, solar, and district heating,” Olmos explains.

“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 decarbonisation plans and create new, green jobs.”

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