Orrick advised STEAG GmbH on the acquisition of the 49% stake in the Walsum 10 power plant previously held by the Austrian utility EVN.
Walsum 10 is a state-of-the-art coal-fired power plant with a gross capacity of 775 MW located in the north of Duisburg, Germany which was commissioned in 2013 and is now solely owned by STEAG. An Orrick team had already comprehensively advised STEAG in the phase before the power plant had been put into operation.
STEAG supports its customers in every aspect of the power generation process. One of the largest generators of electricity in Germany, STEAG operates power plants in the Ruhr area, Saarland, and Saxony-Anhalt, as well as over 400 local power facilities for generating power from renewables and distributed generation facilities for industrial applications and heat supply. In 2019, STEAG achieved a turnover of €2,1 billion with a staff of more than 6,000.
STEAG was advised by an Orrick team led by M&A and private equity partner Nikita Tkatchenko. The Orrick team further included partners Wilhelm Nolting-Hauff, Oliver Duys, Lars Mesenbrink and Stefan Schultes-Schnitzlein, counsel Nils Kürten, managing associates Carolin Ostendorf and Julius Schradin as well as associates Carsten Engelings and Johannes Niegemann. STEAG’s legal team was led by Nina Hollender (General Counsel) and Markus Zwinger.