The asset manager Hy24 has signed an agreement with the energy company Uniper to acquire its 20 percent stake in the Opal pipeline (Baltic Sea Pipeline Link). Hy24 announced this. The transaction is being carried out through the company's Clean Hydrogen Infrastructure Fund by acquiring all shares in Lubmin-Brandov Assets GmbH & Co. KG, which holds the stake in Opal. The completion is still subject to regulatory approvals and customary closing conditions.
The remaining 80 percent of Opal is held by Gascade Gastransport GmbH, a German transmission system operator. Hy24 describes itself as the world's largest pure asset manager focused on low-carbon hydrogen and its derivatives.
Conversion from natural gas to hydrogen
The Opal pipeline runs approximately 470 kilometers from Lubmin in northeastern Germany to Brandov at the German-Czech border. According to Hy24, it is one of the largest transport corridors in Europe. Originally, the pipeline was built for natural gas transport to Central Europe. The northern section was converted to hydrogen in mid-December 2025. According to the company, the conversion of the southern section is expected to be completed by the end of 2030. The pipeline is part of Germany's hydrogen core network.
Sale as a condition from EU state aid proceedings
The sale of the Opal stake is one of the conditions Uniper must fulfill under EU state aid law. On December 20, 2022, the European Commission approved the stabilization package for Uniper and set several structural conditions that the company must implement. The sale of the Opal stake is one of these measures.
Pierre-Etienne Franc, co-founder and CEO of Hy24, placed the investment in a geopolitical context: "In today's geopolitical context, strengthening Europe's access to energy and its interconnections is paramount. Germany has led the way by committing to a robust energy backbone for decarbonised molecules. This investment demonstrates that private capital is ready to accelerate Europe's decarbonisation infrastructure, with Hy24 well positioned to play an active role in critical European infrastructure alongside established operators and project developers."
Focus on European hydrogen infrastructure
According to its own statements, Hy24 supports the development of European hydrogen transport corridors through investments in infrastructure aimed at strengthening Europe's supply security and cross-border connectivity. With its stake in Opal, the fund manager positions itself as a private capital provider alongside established network operators and project developers in the field of hydrogen transmission pipelines.
