CEZ tests exit from Romania. ENEL is also preparing to sell its assets on the local market

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CEZ has launched a market test regarding the asset transfer process from Romania, the company has announced in a press release on Monday.

The Czech energy company’s officials officially confirmed intention to sell the assets in Bulgaria, Romania, Turkey and Poland this spring.

The interest confirmed in writing by potential investors will be followed by an invitation to submit an uncommitted tender.

CEZ intends to sell seven companies in Romania and to keep the companies who are operating on trading and in the ESCO services- modern energy services.

Seven Romanian companies are included in the trial – Distributie Energie Oltenia, Ovidiu Development, Tomis Team, MW Team Invest, CEZ Vanzare, TMK Hydroenergy Power and CEZ Romania.

Potential investors can express their interest both on the entire above-mentioned group of companies, but also separately for each company. Information  about submitting intentions are available on CEZ website.

The testing of the market interest will be conducted by Société Générale investment bank.

The CEZ Group owns nine companies in Romania: Distribuție Energie Oltenia, CEZ Romania, CEZ Vânzare, CEZ Trade, CEZ ESCO Romania, Tomis Team, MW Invest, Ovidiu Development and TMK Hydroenergy Power.

In Romania, CEZ bought in 2005 the former branch of Electrica Oltenia for energy supply. The group also owns the largest wind power park in Europe, of 600MW, at Fântânele-Cogealac, as well as the hydroelectric system in Resita consisting in four reservoirs and four micro hydroelectric stations.

CEZ is not the first foreign company that is preparing an exit from Romania. Italians from Enel are also considering leaving the local market. Sources quoted by Reuters revealed that the energy group has kicked off the sale of its operations in Romania in a process led by French bank BNP Paribas and expected to value the assets at about EUR 1 billion (USD1.11 billion).

Enel GM Francesco Starace has allegedly admitted moves to leave the Romanian market, for it would not be cost-effective anymore.

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