Uniper Agrees to Sell 20% Stake in Key Opal Gas Pipeline

German utility giant Uniper announced Monday that it has agreed to sell its 20% stake in the Opal gas pipeline, a transaction that moves the company significantly closer to fulfilling the state bailout conditions imposed by European regulators.

The stake in Opal, one of Europe’s largest natural gas transmission corridors, is being sold to Hy24, a clean hydrogen-focused joint venture formed by private equity firm Ardian and asset manager FiveT Hydrogen.

Financial terms of the agreement were not disclosed.

Completion of the deal remains subject to regulatory clearance and depends on whether Opal's co-owner, Gascade—which is owned by German state-backed energy group SEFE—chooses to exercise its pre-emption right to purchase the shares.

The divestment of the pipeline asset marks a major milestone in Uniper’s effort to comply with the European Commission’s competition mandates.

Brussels required a series of major asset sales as a condition for approving Germany’s massive 2022 state bailout of Uniper, which was rescued from collapse following Russia’s sharp reduction of natural gas deliveries to Europe.

The Opal pipeline spans roughly 470 kilometers across eastern Germany, running from the Baltic Coast near Lubmin down to the Czech border.

Originally designed to transport Russian gas arriving via the Nord Stream system to Central Europe, the pipeline remains a crucial artery for European energy infrastructure, transit capacity, and regional supply routes.

With the Opal sale underway, Uniper has nearly completed its required divestment plan.

The company now has only two major asset disposals remaining on its regulatory deadline, which requires completion by the end of 2026: its helium production business and its majority stake in its Russian subsidiary, Unipro.

However, Uniper management has previously signaled that divesting Unipro may prove difficult or virtually impossible under current geopolitical constraints, given the complex legal restrictions and political hurdles surrounding Western assets in Russia.

If successfully finalized, the Opal transaction effectively clears Uniper’s main European infrastructure requirements under the European Union’s state-aid framework.