Czech energy group CEZ said on Monday that it has launched a process for the sale of its assets in Romania.
The interest confirmed in writing by the potential investors will be followed by an invitation to submit non-binding offers, the company said in a press release.
CEZ is considering selling seven companies in Romania, keeping only those engaged in energy services (ESCO) activities and part of trading.
CEZ has included the following companies in the market sounding: Energy Distribution Oltenia, Ovidiu Development, Tomis Team, MW Team Invest, CEZ Vanzare, TMK Hydroenergy Power and CEZ Romania.
Investors can express their interest for the entire package or for individual companies. The testing of market interest is carried out by CEZ's exclusive investment advisor, Societe Generale. Investors will find instructions for expressing interest on the CEZ website, the Czech company said.
According to CEZ, the divestment of its assets in Romania is in line with the group's new strategy approved in June. The strategy envisages the gradual sale of assets in Bulgaria, Romania, Turkey and partly in Poland.
According to CEZ Group, Romanian assets have generated positive EBITDA from the start and regularly contribute to the group's dividend.
CEZ is one of the leading integrated energy companies in Romania. Its assets include one of the largest distribution companies in the country with a customer portfolio 1.4 million, 6 826 GWh of electricity delivered in 2018.
It also owns Europe's largest on-shore wind park Fantanele-Cogealac with a 600 MW installed capacity and a production of,1 105 GWh last year and a modernized hydroelectric system Resita consisting of four water reservoirs and four small hydro electric power stations with 22 MW capacity in total, which produced 83 GWh in 2018. CEZ Romania also provides electricity and gas sales to end customers, selling over 3,425 GWh in 2018.
CEZ Group has been present in Romania since 2005, when it took over national distribution company Electrica Oltenia.
In August, CEZ said it is planning to sell its assets in Romania, Poland and Turkey and complete the sale of assets in Bulgaria by the end of 2022.
(September 9, 2019 - SeeNews)
