Romania considers selling 5% of Hidroelectrica to EBRD

18 Feb 2020

The government of Romania is considering selling 5% of state-owned power producer Hidroelectrica to the European Bank for Reconstruction and Development (EBRD), ahead of an initial public offering (IPO) for 20% of the company, expected later in 2020. Hidroelectrica is the largest power generation company in Romania, with a hydropower capacity of 6.4 GW and a generation of 17 TWh in 2018.

The Romanian government has been planning for years to sell a stake in Hidroelectrica (80% held by the state and 20% by Fondul Proprietatea), without any progress so far. The IPO was initially planned in 2012 but was suspended as Hidroelectrica had to renegotiate or cancel bilateral contracts that expired between 2015 and 2018: the holders of cancelled contracts sued the company, which was forced into insolvency by a court ruling in 2014 (exit in June 2016). In December 2019, the government announced plans to list Hidroelectrica on the stock exchange within a year.

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