Czech Republic-based energy group CEZ, which entered the domestic market as a result of the privatisation of the former Electrica Oltenia, is the favourite in the race for the acquisition of the 345 MW wind farm project (half of the capacity of a reactor in Cernavoda) in Dobrogea, developed by Polish investment fund Continental Wind Partners (CWP).
"The results of the negotiations will be announced in no more than two weeks; so far, CEZ is the preferred group because it has the soundest takeover bid. There are four companies on the shortlist," sources on the market stated.
The project attracted the interest of six companies, such as Petrom, the largest Romanian company, Enel (Italy), CEZ (Czech Republic), Iberdrola (Spain), E.ON (Germany) and Gaz de France (France), but Enel and Iberdrola backed out, leaving only four companies in the race. Petrom is also involved in a deal to sell the natural gas distribution company Petrom Distributie Gaze, where bids are expected until July 7.
According to initial estimates, the value of the CWP deal could reach approximately 60 million euros, given the sale price of similar projects. Sources on the market state that the final value of the project in Dobrogea, once all investments have been completed, could reach one billion euros.
The investors are practically buying permits and necessary licences to start such a project, with the actual investment in turbines standing at approximately 1 million euros for each megawatt of installed capacity.
The completion of this deal complements the series of acquisitions of renewable energy projects on the domestic market, the most important of which were those conducted by Iberdola and Enel. The Spaniards at Iberdrola have recently bought 50 wind farm projects in Eastern Romania through their renewable energy unit, Iberdrola Renovables. The value of the deal was 300 million euros and the total capacity of the projects is 1600 MW, more than the two reactors at the Cernavoda plant. The Italians at Enel are also present on the wind energy market having acquired Blue Line and seeking to achieve an installed power of 200 MW in Dobrogea in the medium run.
The Portuguese at Martifer, in turn, said that they wanted 400 MW installed by 2012. The only obstacle in the way of such investments is the low capacity of Transelectrica of integrating such projects.
As a result, the grid company has received requests to link up 4,000 MW, of which it can only take 1,500 MW, given that permits have already been issued for 900 MW of installed power.
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