Zelestra acquires majority stake in East Energy GmbH
Zelestra, a global, multi-technology, customer-focused renewable energy company, has acquired a majority stake in East Energy GmbH, a developer of innovative, multi-technology energy solutions based in Rostock, Germany, through its German business unit.
As part of the transaction, Zelestra acquired CropEnergies' 25% stake as well as further shares from East Energy Verwaltungs GmbH, thus becoming the majority shareholder of East Energy.
The partnership with East Energy is an important milestone for Zelestra's German business unit, as it strategically complements Zelestra's organic growth initiatives in the German market. Zelestra is expanding its business to become a leading, technology-spanning independent power producer (IPP) for renewable energy in Germany, supporting its customers in achieving their decarbonization targets in Europe's largest energy market.
East Energy has an extensive pipeline of more than 2 GW of photovoltaic, battery storage, onshore wind, and Power-to-X (green hydrogen, eMethanol) projects, as well as an experienced team that will strengthen Zelestra's capabilities in Germany. By integrating East Energy's development expertise, Zelestra will develop, build, and operate these projects to supply its customers with carbon-free electricity and energy products.
Robert Hienz, Managing Director of Zelestra in Germany, said: “This acquisition is an important step for Zelestra in Germany. By combining our resources with East Energy’s innovative approach, we are well positioned to accelerate the energy transition in Germany. We are committed to delivering advanced and sustainable energy solutions that align with our customers’ goals and the country’s renewable energy targets. We warmly welcome the East Energy team to the Zelestra family and look forward to the potential this collaboration will bring in the years to come.”
Dirk Petschick and Dirk Klänhammer, the founders and managing directors of East Energy, commented: “We are delighted to be working with Zelestra, a company that shares our vision of a sustainable, cross-technology energy future. This partnership will enable us to take our innovations to a new level, which will benefit both our customers and the entire energy sector.”
Dr. Georg von Graevenitz, CEO of CropEnergies, which sold its minority stake in East Energy GmbH as part of the transaction, commented: “We are pleased to have found a new partner for East Energy in Zelestra, who will implement the planned projects promptly. We will continue to work in partnership with the team and look forward to further cooperation in the field of renewable energies.”
With the acquisition of this majority stake, Zelestra strengthens its commitment to the energy transition in Germany, develops carbon-free multi-technology solutions and positions itself as a reliable and trustworthy partner thanks to its cooperative, customer-oriented approach.
About Zelestra
With a portfolio of 25 GW of carbon-free projects in 13 countries, Zelestra is a vertically integrated company specializing in the development, marketing, construction, and operation of large-scale renewable energy projects. Zelestra employs 953 professionals worldwide. The company is backed by EQT, one of the world's largest asset managers with over €232 billion in assets under management.
