Spanish investment firm Asterion Industrial Partners has bought Steag and plans to transform the coal power generator based in Germany’s industrial heartland – the Ruhr area – into a relevant European green power player.

Asterion acquired the utility from a consortium representing the municipal power utilities of the cities of Dortmund, Duisburg, Bochum, Essen, Oberhausen, and Dinslaken for €2.6bn ($2.8bn),