Romanian energy producer Hidroelectrica managed to sell only three out of the 14 small hydro power plants auctioned on January 23-34 this year, for a total of EUR 2.5 million, reports local daily Ziarul Financiar.

The company initially estimated to attract over EUR 10 million from this bid.

According to company representatives, quoted by Ziarul Financiar, the winning bidder for the package that groups Capra 2 and Capra 3 small hydro power plants was ThreePharm SRL, while the Italian company Idroenergia won the bid for MHC Barnar.

This year’s auction comes after the company sold another 14 micro hydro power plants during a bid in June 2013. Hidroelectrica cashed in some EUR 10.5 million after the June sale.

The Romanian state will list a package of 15 percent in Hidroelectrica on the Bucharest Stock Exchange this year. The brokerage contract for Hidroelectrica’s IPO was won by Raiffeisen Capital&Investment (RCI), and investment bank Morgan Stanley.

The Romanian energy producer was under insolvency for a year, between June 2012 and June 2013.

The company recorded a profit of around EUR 109 million (RON 481 million) in the first half of 2013, compared to a loss of RON 202 million reported in the same period in 2012.

Irina Popescu, irina.popescu@romania-insider.com