Global law firm White & Case LLP has advised Hy24, a leading asset manager dedicated to low-carbon hydrogen and its derivatives, on its agreement to acquire Uniper's 20% stake in the OPAL pipeline.
"This transaction underscores that regulated hydrogen infrastructure is still and increasingly important for Europe's energy transition," said White & Case partner Thomas Burmeister, who co-led the Firm's deal team.
The transaction represents Hy24's first investment in regulated transmission infrastructure and forms part of the remedies arising from the European Commission's state aid approval of Uniper's stabilization package. Completion remains subject to customary closing conditions, required regulatory approvals and the non-exercise of an existing right of first refusal.
White & Case partner Carlo Meert, who also advised on the transaction, added: "Hy24's investment in OPAL is an important step in advancing the hydrogen economy and expanding transportation capacity in Germany and Europe."
Hy24 is acquiring the stake through its Clean Hydrogen Infrastructure Fund by acquiring 100% of the shares in Lubmin-Brandov Assets GmbH & Co. KG, which holds a 20% stake in OPAL. The remaining 80% stake is held by GASCADE Gastransport GmbH.
OPAL (Ostsee-Pipeline-Anbindungsleitung) is a key, approximately 470-kilometer transmission pipeline running from northeastern Germany to the German-Czech border and is one of Europe's largest transmission corridors. Originally built to transport natural gas, the pipeline is being progressively converted for hydrogen transportation as part of Germany's Hydrogen Core Network. The northern section was converted in December 2025, with the southern section expected to follow by the end of 2030.
The White & Case team in Germany which advised on the transaction was led by partners Thomas Burmeister and Hans-Georg Schulze, and included partners Carlo Meert, Thilo Wienke, Erasmus Hoffmann, Daniel Zapf, Florian Degenhardt and Mathias Bogusch, local partner Fabian Mayer and Petra Iffert, counsel Carsten Rodemann and Andreas von den Eikel and associates Karen Sievert, Selma Lyn Kalkutschke, Su-Yeon Park, Martin Junker, Robert Bente, Franziska Weires and Dana Masberg.
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