Key facts
- Uniper will sell its 20% stake in the OPAL gas pipeline to Hy24.
- The sale is part of EU state aid conditions following Germany's 2022 nationalization of Uniper.
- The transaction involves Uniper selling its entire stake in Lubmin-Brandov Assets GmbH & Co. KG.
- The OPAL pipeline is a major transmission corridor in Europe, spanning from Germany to the Czech Republic.
- Germany aims to reduce its 99% stake in Uniper to below 25% by 2028.
- Several energy companies have reportedly shown interest in acquiring Uniper.
Uniper announced on Monday an agreement to sell its 20% stake in the OPAL gas pipeline to Hy24, an investor focused on the hydrogen sector. This divestment is a key condition imposed by the European Union as part of the state aid package that allowed Germany to nationalize the energy giant in 2022. The German government stepped in to rescue Uniper, then facing collapse due to soaring gas prices, at a total cost of approximately $53 billion.
The transaction involves Uniper selling its entire holding in Lubmin-Brandov Assets GmbH & Co. KG, which represents the 20% co-ownership interest in OPAL. The remaining 80% of the pipeline is held by GASCADE Gastransport GmbH.
OPAL is a significant European transmission corridor, extending about 470 km (292 miles) from Lubmin, Germany, to Brandov, Czech Republic. Parts of the pipeline have been converted for hydrogen transport, with further conversions planned by 2030.
As part of the EU's state aid requirements, Germany is committed to reducing its 99% stake in Uniper to below 25% by 2028. The German government is reportedly considering options such as a sale or an initial public offering for its stake, with several energy firms, including Equinor, Brookfield Asset Management, EPH, and Taqa, having expressed interest.