Press Release 7th October 2025
Steag Iqony Group divests coal-fired power plant in Turkey
Strategic step strengthens focus on German core market // Co-owner Oyak takes over entire power plant
Essen/İskenderun (Turkey). Steag Iqony Group has completed the sale of its 51 percent stake in Turkish power plant company Isken to Oyak, its long-standing 49 percent partner. Steag Iqony Group focuses on executing its growth strategy in its German core market. At the same time, the power plant will remain in experienced hands.
Since 2003, the Isken power plant company has operated the 1,360 megawatt Sugözü power plant in the south of Turkey near the city of İskenderun in a 51/49 percent partnership between Steag Iqony Group and Turkish conglomerate Oyak, which is now the sole owner. The power plant remains in familiar and experienced hands.
“This transaction marks the end of over two decades of highly successful German-Turkish collaboration. We are deeply grateful for Oyak’s partnership and wish Isken and its employees all the best for the future,” says Dr. Andreas Reichel, CEO and Labor Director of Steag Iqony Group. “With this extraordinary step, we are once again strengthening our focus on our German core market, aligning our company even more clearly with our strategic priorities. We invest in markets and business areas in which we can grow in the long term and create sustainable added value – as the recent acquisition of Uniper's district heating business impressively underscores.”
Freedom to invest and focus on core markets
“With the sale, we are also reducing the complexity of our group, significantly improving our risk profile and creating more scope for investments in our core business,” says Nicole Hildebrand, Member of the Management Board and COO of the Steag Iqony Group.
By divesting from the coal-fired power plant, the Steag Iqony Group significantly improves its carbon footprint – a milestone on the road to climate neutrality by 2040, as Nicole Hildebrand emphasizes: ”The goal of decarbonization is an important part of our corporate strategy. Sustainable growth and climate protection are not opposites for us – they are the basis of our actions. In this way, we are actively shaping the energy transition.”
About the Steag Iqony Group
The Steag Iqony Group with headquarters in Essen combines two key aspects of the energy transition under one roof. Steag Power ensures security of supply with its power plants and the development of modern energy hubs. Iqony develops and operates plants and solutions for a sustainable, climate-friendly energy future. A total of around 5,500 employees worldwide are working to achieve these goals. With over 85 years of experience, the Steag Iqony Group contributes in-depth know-how and technological expertise to the transformation of the energy supply in Germany and throughout Europe.
