Romanian state-controlled hydropower company Hidroelectrica has hired the consulting firm Ernst&Young (EY) to advise it in placing a bid for assets put up for sale by CEZ Romania, sources for the capital market told Ziarul Financiar.

Hidroelectrica’s shareholders recently approved a EUR 10 million budget for consultancy services as the company plans to buy some assets put up for sale by Czech group CEZ and Italian group Enel in Romania.

Hidroelectrica has already submitted a non-binding letter of intent for purchasing some of the assets of Czech utility group CEZ in Romania, Hidroelectrica CEO Bogdan Badea confirmed at an energy conference in October.

More precisely, Hidroelectrica is reportedly interested in taking over the wind farms that CEZ owns in Romania.

(Photo: Hidroelectrica Facebook Page)

editor@romania-insider.com