BUCHAREST (Romania), September 21 (SeeNews) – Romanian majority state-owned hydro power producer Hidroelectrica said it is planning to bid for an 108 MW wind farm located in Constanta county currently owned by German energy group STEAG.
The move is part of the company’s strategy to diversify its portfolio by acquiring other renewable energy production capacities, Hidroelectrica said in a notice posted on its website on September 17.
Hidroelectrica will ask its shareholders to approve the acquisition of due diligence services and M&A consultancy for the acquisition of Crucea Wind Farm SA si Steag Energie Romania SRL. The general extraordinary meeting of shareholders is scheduled for October 23.
Cross Wind farm is the commercial company that owns the 108 MW Crucea Nord Wind Power Plant, located in the vicinity of Crucea, Vulturu and Pantelimon communes in Constanţa county, information posted on the companies’ website showed. STEAG Energie Romania is the company that provides technical and commercial service for Crucea Wind Farm.
Both companies are members of the STEAG GmbH Germany group.
Hidroelectrica is 80.06%-owned by the Romanian state, while investment fund Fondul Proprietatea owns 19.94%. The company has in its portfolio 209 hydro power plants with a total installed capacity of 6,482 MW.
Hidroelectrica’s net profit fell by an annual 11% to 806 million lei ($197 million/167 million euro) in the first half of 2020. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell by 26% year-on-year to 1.251 billion lei, while operating income shrank by 23% to 1.823 billion lei.