Spanish renewables company Zelestra has secured a majority stake in East Energy GmbH, a multi-tech energy solutions provider based in Rostock, Germany, aiming to enhance its operations in the German market and support organic growth.
In an announcement on Monday, Zelestra revealed it had acquired a 25% stake in East Energy from CropEnergies AG, a German renewable ethanol producer, alongside additional shares from East Energy Verwaltungs GmbH, establishing Zelestra as the majority owner of the firm. The transaction was completed through Zelestra's German business unit, though financial details have not been disclosed.
East Energy boasts a project pipeline exceeding 2 GW, encompassing solar photovoltaic, battery energy storage, onshore wind, and power-to-X initiatives, including green hydrogen and e-methanol schemes.
Zelestra plans to leverage East Energy's development expertise to advance, construct, and operate these projects, with a focus on delivering carbon-free electricity and energy products to its customers.
Georg von Graevenitz, CEO of CropEnergies, commented, “We are delighted to have found in Zelestra a new partner for East Energy, who will realize the planned projects in a timely manner. We will continue to work in partnership with the team in the future and look forward to further collaboration in the field of renewable energies.”
