Macquarie European Infrastructure Fund 4 Sells Stake in Energie Steiermark Back to Government
Posted on 03/01/2023
Macquarie European Infrastructure Fund 4, a fund managed by Macquarie Asset Management, is selling its 25% stake in Austrian energy distribution and services firm Energie Steiermark AG back to the Austrian state of Styria for €525 million. Macquarie invested in Energie Steiermark in 2015 for a reported €260 million buying it from France-based EDF.
Energie Steiermark operates a 31,300 kilometer electricity grid network and a natural gas supply network of around 4,200 kilometers. The company also provides district heating, e-mobility services and electricity generation from renewable energy sources, including wind, hydropower, solar, and biomass plants. Energie Steiermark has subsidiaries in Slovenia, Czech Republic, France, and Germany.
In September 2021, communists emerged as the single largest part in Graz. Graz is the capital of the Austrian State of Styria and the second-largest city in the country. The Communist Party of Austria (KPÖ) emerged as the single largest force, securing 28.9% of the votes and 15 seats. The communists defeated the incumbent conservative Austrian People’s Party (ÖVP). In 2015, the communist KPÖ party was against having EDF sell its 25% stake in Energie Steiermark to Macquarie. KPÖ demanded that the state government use the right of first refusal to buy back the company.