Steag – Hidroelectrica deal, approved, may exceed 100 mln. euro

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Bogdan Tudorache

Hidroelectrica’s shareholders approved on Monday the transaction for the purchase of 100% of the shares held by Steag GmbH and Steag 2 Beteiligungs GmbH in Crucea Wind Farm S.A. and Flag Energy Romania S.R.L. (Arizona project perimeter), Hidroelectrica announced. Taking into account similar transactions, the price paid could be, only for the wind farm, of about 100 million euro, sources told energynomics.ro.

“If we take into account the Vestas transaction from 2019, where the price for 80% of the 160 MW park was 136 million euros, a similar transaction, in the case of Hidroelectrica-Steag would be of about 100 million euro,” said the quoted source.

“The transaction was carried out at the level of the German management, all the information related to it is confidential”, a Steag official also told energynomics.ro. His statement was also confirmed by Hidroelectrica officials.

Developed by Steag and put into operation in 2014, Crucea Wind Farm is one of the most modern and best maintained onshore wind farms in Romania, with an installed capacity of 108 MW.

“The decision taken today by the shareholders makes Hidroelectrica the first state-owned company to mark a successful M&A. It is a success for both the Romanian state and society, a moment that changes perspectives and demonstrates that when there is interest and involvement, Romanian energy companies can be at least as competitive in the development area as private ones.

The acquisition of the Crucea Wind Farm confirms the objective we assumed when we put on the table the Hidroelectrica strategy – that of diversifying the company’s production portfolio and making green energy a unique development priority,” said Bogdan Badea, President of Hidroelectrica.

“We remain in the area of renewable energy through everything we set out to do and we want Hidroelectrica to keep its status as a 100% green company.”

Steag and Hidroelectrica signed an agreement on the sale of Steag shares in the Romanian subsidiaries Crucea Wind Farm and Steag Energie Romania to Hidroelectrica, following a competitive process that involved both local and international bidders.

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