Orth Kluth advises STEAG on the sale of a power plant package
STEAG New Energies, a wholly owned subsidiary of STEAG GmbH, sold ten biomass and biogas power plants located in various regions of Germany as part of a sales process lasting several months.
Orth Kluth provided legal support for the sale of the power plants. With annual sales of EUR 2.9 billion in 2018, STEAG GmbH is one of the largest German energy groups. Within the STEAG Group, STEAG New Energies, headquartered in Saarbrücken, Germany, specializes in developing and implementing decentralized energy solutions based on efficient and sustainable concepts. STEAG New Energies focuses on district heating, wind and bioenergy and geothermal energy.
Each power plant or power plant company have found different buyers. In part, the operating companies were sold, in part the power plant was taken over by a NewCo. as an asset. In addition to the power plants, the transfers were mainly for various operating properties and all contracts relating to the operation of a power plant. In the case of some of the power plants, minority interests of third parties had to be liquidated beforehand.
Orth Kluth advised STEAG New Energies during the entire transaction process: assisted in the bidding process, the due diligence process with bidders and the subsequent individual sales to various investors. Orth Kluth has advised STEAG once again on an M&A project.