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Uniper to Sell 20% Stake in OPAL Pipeline to Hy24

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Germany's Uniper has agreed to sell its 20% stake in the OPAL gas transmission pipeline to hydrogen infrastructure investor Hy24, the companies said.

Hy24 will acquire the stake through its Clean Hydrogen Infrastructure Fund. The transaction covers 100% of the shares in Lubmin-Brandov Assets GmbH & Co., which holds a 20% co-ownership interest in OPAL. GASCADE Gastransport holds the remaining 80% co-ownership interest.

The divestment is part of the structural remedies Uniper must implement under European Union state aid rules. The European Commission approved a stabilization package for Uniper on Dec. 20, 2022, subject to several structural measures.

The transaction also supports Uniper's strategy of aligning its portfolio with its core business activities, the company said.

OPAL is one of Europe's largest gas transmission corridors, stretching about 470 kilometers from Lubmin in Germany to Brandov in the Czech Republic.

The pipeline is part of Germany's hydrogen core network. Its northern section was converted for hydrogen transport in mid-December, while the southern section is expected to be converted by the end of 2030.

Hy24 is an investor focused on hydrogen infrastructure, technology and industrial projects aimed at supporting the development of a climate-neutral hydrogen economy.

Completion of the transaction remains subject to the required regulatory approvals and the non-exercise of a pre-emption right by the fractional co-owner.

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$BKR
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Commodities

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