Germany will take full control of near-insolvent gas trader and utility Uniper that so far was owned by Finland’s Fortum.

Uniper has been building up a renewable power base and is a key player in Europe’s emerging green hydrogen sector, but in recent months had lost billions of euros due to Russia’s curtailment of gas flows to Europe (and Germany in particular) in retaliation to sanctions against the invasion of Ukraine.

Under the divestment deal announced today (Wednesday), the German state plans to underwrite an €8bn ($7.92bn)