Romania’s state-controlled hydropower company Hidroelectrica, which has a total installed capacity of 6.5GW and a EUR 1bn capital at book value, will pick up a new consultant for its IPO scheduled in 2014, news agency Mediafax announced quoting a company statement. Bids are expected by January 20.
The government has decided recently to increase the size of the IPO from 10% to 15% and the company consequently cancelled the previous procedures aimed at selecting the IPO manager. Earlier in the spring of 2012, Hidroelectrica picked up a consortium formed by local lender BRD, Citigroup, Societe Generale and Intercapital but the final contract has not been signed yet.
Romania’s government holds 80% in Hidroelectrica and the remaining 20% is owned by the restitution fund Property Fund [Fondul Proprietatea].
The company was under insolvency procedures for one year between June 2012 and June 2013 and in this period terminated the loss-making controversial long-term contracts with private power traders. Hidroelectrica expects a record high EUR 200mn net profit for 2013, according to its former CEO Remus Borza – who managed Hidroelectrica during the insolvency procedures.
Montenegro’s government has decided to speed up the acquisition of Italian A2A's stake in the power firm EPCG, paying €68.9mn for a ... more
LNG Hrvatska has reportedly received just one binding offer to lease capacity at the planned planned liquefied natural gas (LNG) terminal on the Croatian island of Krk, unnamed sources ... more
Finland has issued a second and final permit for the construction of the controversial Nord Stream II pipeline that is to pump gas from Russia directly to Germany via a Baltic Sea route, the Regional ... more