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Macquarie Infrastructure and Real Assets (“MIRA”) took over the assets of CEZ Romania, including the largest onshore wind farm in Europa

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By Edwig Ban
CEZ Group has approved the sale of its assets in Romania to funds managed by Macquarie Infrastructure and Real Assets (“MIRA”), the company said in a press release.
According to CEZ Group, the assets consist of seven companies, including the electricity distribution network, electricity supply and the largest onshore wind farm in Europe from Fântânele – Cogealac.
The transaction documents were signed on Thursday night, and the conclusion of the transaction will be subject to the approval of the European Antitrust Authority and the Supreme Council of National Defense of Romania.
“CEZ remains active in Romania, developing its portfolio of energy services. The sale of CEZ assets in Romania to the funds managed by MIRA was approved by the Council of CEZ Group just 13 months after the start of the sale process. CEZ Group and MIRA have reached a sales agreement regarding all 3 business segments included in the transaction: electricity distribution, energy supply and renewable energy operational portfolio The 7 companies targeted by the transaction are: Oltenia Energy Distribution, Ovidiu Development, Tomis Team, MW Team Invest, CEZ Vânzare, TMK Hydroenergy Power and CEZ Romania. CEZ Group remains active in Romania, focusing on energy trading (CEZ Trade) and energy services (High-Tech Climate), “the statement said.
According to the company, MIRA is the largest infrastructure manager in the world and is part of the Macquarie Group, a top 10 Australian company in terms of market capitalization. Its investment portfolio currently comprises 12.4 GW of renewable energy capacity and electricity distribution networks in Australia, Austria, Finland, Spain and the United States.
“Interest in CEZ’s assets has been high. Despite the difficulties brought by COVID-19, CEZ and Societe Generale have maintained a high level of competitiveness in this transaction. MIRA has submitted the most attractive offer, as confirmed by independent opinions. (…) The transfer of assets from Romania is part of the new strategy of the CEZ Group to withdraw its selected assets from certain countries, following the strategy approved at the General Meeting of Shareholders, Bulgaria and Poland “, the quoted source states.
The CEZ Group in Romania is represented by nine companies: Distributie Energie Oltenia, CEZ Romania, CEZ Vânzare, CEZ Trade, CEZ ESCO Romania, Tomis Team, MW Invest, Ovidiu Development and TMK Hydroenergy Power.
The company has been present on the Romanian market since 2005, with the takeover of the electricity distribution company Electrica Oltenia SA. After the unbundling process successfully completed in 2007, Distribuţie Energie Oltenia (former CEZ Distribuţie) provides electricity to seven counties: Argeş, Dolj, Gorj, Mehedinţi, Olt, Teleorman and Vâlcea.
CEZ Vânzare is the main electricity supplier in southwestern Romania, but also a natural gas supplier, with a portfolio of domestic and industrial customers that exceeds 1.4 million customers.
CEZ Group also owns in Romania the largest onshore wind farm in Europe, in the Dobrogea area, at Fântânele, Cogealac and Grădina. The wind farm was worth an investment of 1.1 billion euros and contains 240 wind turbines with a total installed capacity of 600 MW. The entire capacity of the CEZ Wind Farms was put into operation at the end of 2012. At the same time, starting with 2011, the CEZ Group in Romania has in its portfolio the hydropower system near Resita, Caras-Severin County, consisting of 4 micro hydropower plants (Grebla, Crăinicel 1, Crăinicel 2 and Breazova) and the related hydro facilities from Trei Ape, Gozna, Văliug and Secu. The CEZ Group has invested in the rehabilitation of the hydropower complex in Resita in order to increase efficiency, the production capacity rising from 18 MW to about 22 MW after the completion of the modernization process.

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