Czech Republic’s largest electricity producer ČEZ Group has reached an agreement to sell its Romanian assets to funds managed by Macquarie Infrastructure and Real Assets (MIRA).
The assets comprise of seven companies, including electricity distribution networks, energy supply and the Fantanele Cogealac wind park, among others. Closing of the transaction is subject to receiving approval from European antitrust authorities and the Romanian Supreme Council of National Defence.
The divestment of selected Romanian assets is part of ČEZ Group’s new strategy to divest chosen assets in certain countries. By selling Romanian assets, ČEZ will increase its debt capacity and will be able to channel resources into investments in line with the current strategy, which is focused on decarbonising the production portfolio, developing renewable energy and providing modern energy services in the Czech Republic and across Europe.
Despite the difficult environment caused by COVID-19, ČEZ experienced strong interest for its assets. MIRA submitted the most attractive offer, which was confirmed by independent valuation reports.
The company will remain active in Romania, focusing on its trading (ČEZ Trade Romania) and energy services business (High-Tech Clima).