Romania: Next year CEZ will complete the sale of its Romanian assets, SEE Energy News
Australian group Macquarie Infrastructure and Real Assets (MIRA) could complete the takeover of CEZ’s assets in Romania in the first half of next year, after obtaining approvals from local regulators and the European Commission, General Manager of CEZ Romania, local subsidiary of Czech energy company CEZ, Ondrej Safar said.
Last month, CEZ announced that it has reached an agreement to sell its Romanian assets to funds managed by Macquarie Infrastructure and Real Assets (MIRA). The divestment of selected Romanian assets is part of CEZ Group´s new strategy to divest chosen assets in certain countries. By selling Romanian assets, CEZ will increase its debt capacity and will be able to channel resources into investments in line with the current strategy, which is focused on decarbonizing the production portfolio, developing renewable energy and providing modern energy services in the Czech Republic and across Europe.
CEZ’ assets in Romania comprise of seven companies, including electricity distribution networks, electricity and gas supplier and the Fantanele Cogealac wind farm.
The sale of CEZ assets in Romania to funds managed by MIRA was approved by CEZ Group’s bodies just 13 months after the transaction process’ kick-off. CEZ Group and MIRA have reached an agreement on the sale of all three business segments that were included in the transaction: electricity distribution, energy supply and an operational renewable energy portfolio. CEZ Group remains active in Romania, focusing on its trading (CEZ Trade Romania) and energy services business (High-Tech Clima). Societe Generale (together with its group companies Komercni banka and BRD) acted as Exclusive Financial Advisor to the CEZ Group on the sale.
CEZ entered the Romanian energy market in 2005 when it bought the distribution company operating in Romania’s south, Electrica Oltenia. Electricity supply business serves 1.4 million customers. In 2008, CEZ started construction of the 600 MW onshore wind park near cities of Fantanele and Cogealac. Construction finished in 2012 when the park became the largest onshore wind farm in Europe. In 2011, CEZ added 22 MW of hydro capacity to its Romanian portfolio when it bought and modernized four small hydropower plants near Resita.
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