ENERGO: Three contenders reportedly in race for Enel’s €1.9bn of Romanian energy assets

Greece’s Public Power Corp (PPC), advised by Goldman Sachs, is reportedly competing against the energy funds Brookfield Asset Management (Canada) and Amber Infrastructure (United Kingdom) in the race for Enel’s Romanian assets.

Italian utility group Enel recently announced plans to sell its subsidiaries in several countries including Romania next year. The decision announced as a “friendly separation” was made a couple of years after the Italian group announced €2bn investments in green energy projects in the country. 

The total value of the three branches that the Italian group Enel is going to sell in Romania (electricity distribution, supply and green power generation) is estimated at a combined €1.8bn-1.9bn and the sale is expected to be completed in early 2023 at the latest in April, according to information reported by bankingnews.gr.

It remains unclear whether the figure is the target price circulated by Enel or the price offered by PPC. PPC, the largest electricity company in Greece, recently admitted that it was "actively exploring" growth opportunities in Greece and Southeast European markets and that it was “screening” potential acquisitions in Romania and Bulgaria.

Enel Romania is well known by the head of PPC, who in the period 2016-2019 was the head of Enel Romania, Greek media reported.