Uniper SE has agreed to sell its stake in the German Opal gas pipeline to Hy24, an investment platform backed by private equity firm Ardian SAS, fulfilling another condition tied to its government rescue package.

The utility announced on Monday that it will divest its entire holding in Lubmin-Brandov Assets GmbH & Co. Holding, which owns a 20% interest in the Opal pipeline. The remaining 80% is held by state-owned enterprise Gascade Gastransport GmbH. This divestment was among the conditions set by the European Commission when it approved a multi-billion-euro bailout for Uniper by the German government during the peak of Europe's energy crisis in 2022.

Uniper remains a cornerstone of Germany's energy infrastructure, serving as one of the country's largest gas importers and power plant operators. Under commitments made to the EU, Germany must reduce its stake in Uniper to approximately 25% by the end of 2028. The German government initiated the share sale process this year, requiring interested parties to submit non-binding offers by September 21. Berlin also retains the option to reduce its stake through an initial public offering.

Further divestments remain pending. The sale of Uniper's majority stake in its former Russian subsidiary Unipro has stalled, awaiting approval from Russian authorities. The company has already recorded a 2.6 billion euro ($3 billion) impairment on this stake. Meanwhile, the sale of its helium business, another condition of the rescue package, is expected to be completed this year. Hy24 is a hydrogen investment joint venture established by private equity firm Ardian and asset manager FiveT Hydrogen.