A consortium formed by the Romanian state-controlled companies Hidroelectrica, Electrica and SAPE holding will reportedly submit a firm offer for the assets that the Czech utility group CEZ is selling in Romania.
On June 25, Hidroelectrica, the largest electricity producer and the most profitable state-owned company in Romania, convened its two shareholders, namely the Romanian state with 80% and Fondul Proprietatea, to approve the binding offer for the acquisition of CEZ Romania assets, Ziarul Financiar daily reported.
The firm bid, which includes a price for the assets, will be submitted by the state consortium on June 25, according to Economica.net quoting sources familiar to the deal.
Hydropower company Hidroelectrica is reportedly interested in CEZ's wind farms while Electrica would like to add the Czech group's electricity distribution network to those that it already operates.
CEZ has estimated the aggregated equity of its Romanian subsidiaries at €1.07bn, according to a presentation prepared for prospective bidders.
The two wind farms (347.5MW plus 252.5MW) account for nearly two-thirds of the total value of the CEZ assets in Romania: €654mn combined equity. The stake in the electricity distribution company CEZ Oltenia is valued at €385mn. CEZ also controls three smaller companies in Romania: CEZ Vanzare (electricity supply, €18.6mn), TMK Hydroenergy Power (22MW micro hydropower plants, €9.5mn) and the holding company, valued at €8.25mn.
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