Belgium-based energy infrastructure company Fluxys is buying Macquarie Asset Management鈥檚 24% stake in Open Grid Europe (OGE), a gas transmission system operator in Germany.
OGE operates Germany鈥檚 largest gas transmission system with a 12,000km network transporting gas throughout Germany and to neighbouring European countries. The Essen-based company is seeking to establish a Germany-wide hydrogen network working with industry to create a hydrogen backbone across Europe.
In 2012, a consortium consisting of British Columbia Investment Management, ADIA, MEAG and Macquarie鈥檚 fourth European infrastructure fund acquired OGE for around 鈧�3.2bn.
Fluxys said it has agreed to buy Macquarie European Infrastructure Fund 4鈥檚 23.6% stake in OGE, alongside a 0.5% stake owned by Halifax Regional Municipality Master Trust for an undisclosed amount.
Pascal De Buck, CEO of Fluxys, said: 鈥淔luxys鈥� acquisition of a stake in OGE is a perfect strategic fit. We are excited to join forces with the co-shareholders and support OGE鈥檚 forward-looking approach to make the energy transition happen.
鈥淔ostering an even more robust cooperation between our subsidiaries and OGE paves the way to further strengthen security of supply and accelerate the development of cross-border hydrogen and CO2 infrastructure and scale-up decarbonisation options for society.鈥�
Hilko Schomerus, a managing director at Macquarie Asset Management, said: 鈥淪ince our investment in 2012, OGE has progressed major upgrades across its network to prepare its infrastructure for the future. With a network spanning the length and breadth of the country, OGE plays a central role in Germany鈥檚 energy system today and is paving the way forward for a hydrogen economy.
鈥淲e are proud to have supported its journey over the past decade. We wish the company and its new and existing shareholders well in the next chapter of its history as it takes forward the important work of decarbonising Germany鈥檚 energy mix.鈥�
J枚rg Bergmann, CEO of OGE, said: 鈥淲e look forward to Fluxys becoming OGE鈥檚 new shareholder. For a successful European energy transition, cross-border co-operations are an essential pillar. This acquisition of Macquarie鈥檚 shares will further strengthen the good and reliable cooperation between Fluxys and OGE.鈥�
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