Macquarie Infrastructure and Real Assets (MIRA) has decided to acquire a portfolio of Romanian power assets from energy conglomerate, CEZ Group. The portfolio comprises a renewable energy platform with 622 MW of primarily onshore wind farms, as well as an 86,665 kms of regulated electricity distribution network and an electricity and gas supply business with 1.4 million residential and industrial connections in the South West of Romania. Financial details of the agreement, which is subject to regulatory approval, have not been disclosed.
The 600-MW wind farm, located near the Romanian cities of Fântânele and Cogealac, was Europe’s largest onshore farm when construction was completed in 2008. In 2011, CEZ Group added a further 22 MW of hydropower capacity to the portfolio through the acquisition and modernization of four smaller plants near the city of Reşita.
MIRA currently manages investments in 12.4 GW of clean energy generation capacity globally across onshore and offshore wind, solar photovoltaic, hydropower, geothermal, and bioenergy. “Romania is one of Europe’s most dynamic economies, and its energy infrastructure is critical to supporting the country’s long-term growth and low-carbon transition,” said Leigh Harrison, head of MIRA EMEA. “We are delighted to announce this investment and we look forward to supporting this critical infrastructure business as it invests to deliver more reliable, efficient, safe, and sustainable electricity to the communities it serves,” added Harrison.
CEZ Group, which remains active in Romania, stated that offloading the portfolio will increase its debt leveraging capacity and will allow the company to channel resources into investments in line with its current strategy. The company is focused on decarbonizing its production portfolio, developing renewable energy and providing modern energy services in the Czech Republic and across Europe.
REGlobal’s Views: Australian investment bank Macquarie Group has been on an acquisition spree in the renewable power space as it transitions its energy portfolio towards clean power. Europe has been a hotbed of investments for the group given the high wind power potential and related technology advancements in the region.