Hy24 Acquires Uniper Stake
Uniper Sells Its OPAL Gas Pipeline Stake to Hydrogen Firm Hy24
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Key Points
1
The purchase price for Hy24’s acquisition of Uniper’s 20% OPAL stake was not disclosed.
2
Hy24 is acquiring the stake through its Clean Hydrogen Infrastructure Fund; the fund invests across hydrogen infrastructure, technology and industrial projects.
3
Germany has begun a broader process to reduce its ownership of Uniper to about 25% by the end of 2028, with the sale process for additional shares initiated in 2026.
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Germany’s hydrogen backbone is planned to have 101 gigawatts of total feed-in capacity and 87 gigawatts of offtake capacity by 2032, although nearly 6 gigawatts had been reserved on a paid basis as of an August report.
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Completion of the transaction depends not only on regulatory approvals but also on the fractional co-owner declining to exercise a pre-emption right.
Uniper has agreed to sell its 20% stake in Germany's OPAL gas pipeline to Hy24, a hydrogen infrastructure investment firm, fulfilling a key condition of the company's 2022 government bailout Pulse2. The deal transfers Uniper's interest through its subsidiary Lubmin-Brandov Assets GmbH, while state-owned Gascade Gastransport retains the remaining 80%. The transaction marks a major step in Uniper's portfolio refocus and Germany's shift toward hydrogen infrastructure Oil Price.
OPAL is a 470-kilometer gas pipeline running from Lubmin in Germany to Brandov in the Czech Republic. It is being converted for hydrogen transport as part of Germany's planned hydrogen core network. The northern section has already been converted, with the southern section expected to follow by 2030 Rigzone.
Hy24's Clean Hydrogen Infrastructure Fund Drives Acquisition
Hy24 is acquiring the OPAL stake through its Clean Hydrogen Infrastructure Fund, which invests across hydrogen infrastructure, technology, and industrial projects Head Topics. The purchase price was not disclosed. The deal positions Hy24 as a major player in Germany's hydrogen transition as the nation builds out its planned hydrogen backbone.
EU Bailout Conditions Drive Uniper's Divestment Strategy
The sale fulfills European Commission requirements attached to Germany's 2022 bailout of Uniper, a major energy company facing financial strain Head Topics. The divestment is part of a broader effort by Germany to reduce its ownership stake in Uniper to about 25% by the end of 2028. Additional share sales are planned to begin in 2026.
Germany's Hydrogen Backbone Takes Shape
Germany's planned hydrogen backbone is designed to have 101 gigawatts of total feed-in capacity and 87 gigawatts of offtake capacity by 2032 Guru Focus. However, nearly 6 gigawatts had been reserved on a paid basis as of August, showing significant ongoing demand. OPAL's conversion supports this broader infrastructure buildout for the energy transition.
Regulatory Hurdles and Pre-emption Rights Remain
Completion of the transaction depends on regulatory approvals and other closing conditions Pulse2. Critically, the deal also requires that Gascade Gastransport, the fractional co-owner of OPAL, declines to exercise its pre-emption right to match or exceed Hy24's offer. Until both conditions are satisfied, the sale cannot be finalized.
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