DONG Energy sells 25.1% stake in Stadtwerke Lübeck to STAWAG

The sale of a 25.1% stake in Stadtwerke Lübeck GmbH, previously held by DONG Energy, to Stadtwerke Aachen AG (STAWAG) has been successfully completed and contractually formalized.

The transaction signing took place today in Hamburg. The strategic partnership between STAWAG and Stadtwerke Lübeck will commence in September. “This transaction marks the conclusion of an intense and year-long process,” said Bernd Saxe, Mayor of Lübeck, during a press conference at Lübeck City Hall. “I am convinced that STAWAG is the right long-term partner to help lead Stadtwerke Lübeck into a strong and sustainable future. At the same time, I would like to sincerely thank DONG Energy for nearly a decade of constructive cooperation.”

Evert den Boer, Senior Vice President at DONG Energy, added: “We are grateful for the excellent collaboration over the past nine years and are pleased that our partnership will continue through our existing climate alliance and Stadtwerke Lübeck’s participation in our Nysted offshore wind farm. The divestment is in line with DONG Energy’s strategic focus on core growth areas such as offshore wind, particularly in Germany, where we continue to operate in both offshore renewables and midstream gas.” Dr. Christian Becker, CEO of STAWAG, commented: “The strong interest shown by Lübeck’s citizens in the future of their local utility is a testament to its value. As a peer partner, we aim to contribute fresh momentum and technical expertise. STAWAG and Stadtwerke Lübeck share a long-standing commitment to sustainability and financially sound positioning in a competitive market. Our collaboration will begin with renewable energy expansion projects.”

The transaction follows a competitive bidding process, in which STAWAG’s strategic concept was selected as the preferred solution. A parallel buyback effort by the City of Lübeck was ultimately blocked by the municipal supervisory authority in Kiel. The purchase price for the 25.1% stake was confirmed at €42.3 million.

Source: STAWAG