CEZ Group enters agreement with MIRA for Romanian power assets sale

ČEZ Group has reached an agreement to sell its Romanian assets to funds managed by Macquarie Infrastructure and Real Assets (MIRA). The assets comprise seven companies, including electricity distribution networks, energy supply, and the Fantanele Cogealac wind park, among others.

The sale of ČEZ assets in Romania to funds managed by MIRA was approved by ČEZ Group’s bodies just 13 months after the transaction process’ kick-off. ČEZ 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. ČEZ Group remains active in Romania, focusing on its trading (CEZ Trade Romania) and energy services business (High-Tech Clima). Société Générale (together with its group companies Komerční banka and BRD – Groupe Société Générale) acted as Exclusive Financial Advisor to the ČEZ Group on the sale.

ČEZ entered the Romanian energy market in 2005 when it bought the distribution company operating in Romania’s south, Electrica Oltenia, covering 86,665 km. The electricity supply business serves 1.4 million customers. In 2008, ČEZ started construction of the 600 MW onshore wind park near the cities of Fântânele and Cogealac. Construction finished in 2012 when the park became the largest onshore wind farm in Europe. In 2011, ČEZ added 22 MW of hydro capacity to its Romanian portfolio when it bought and modernized four smaller plants near Reşita.

The transaction needs to be approved by the European Directorate-General for Competition and the Romanian Supreme Council of National Defence (Consiliul Suprem de Apărare a Ţării, CSAT) before closing.