Italian energy company Enel and Greek state-controlled Public Power Corporation (PPC) have signed an exclusivity agreement for the possible acquisition of Enel’s assets in Romania.
Negotiations between the two companies will continue until the end of January 2023. Following the financial audit, PPC’s Board of Directors will decide whether to submit a binding offer to Enel.
Last month, Enel said that it is planning to sell its Romanian assets and exit the country in 2023. In Romania, the Enel Group serves about 3 million customers through its supply and distribution network. It is one of the largest private investors in the Romanian energy sector. The total value of Romanian assets (electricity distribution, supply and renewable energy generation) is estimated at between 1.8 and 1.9 billion euros, with the sale expected to be completed in early 2023, in April at the latest.
Romanian media reported that Greek PPC is one of the main contenders for the acquisition, although the company refuted such reports. However, PPC said earlier that it is looking for potential acquisitions in Romania and Bulgaria. Besides PPC, two funds are also interested in the acquisition of Enel Romania – Canadian Brookfield Asset Management and UK-based Amber Infrastructure.