On Friday, Macquarie Infrastructure and Real Assets (MIRA), the global alternative assets investor that manages EUR 120 billion ($142 billion) in client funds, announced that a consortium led by its sixth European infrastructure fund (“MEIF6”) has agreed to acquire a portfolio of power assets in Romania from ČEZ Group.
The integrated energy infrastructure portfolio includes an 86,665 kilometer regulated electricity distribution network. Also included is an electricity and gas supply business that serves 1.4 million residential and industrial clients in southwestern region of Romania, where CEZ is the primary energy supplier.
Also included is a renewable energy platform, with 622 MW of primarily onshore wind farms and plans to develop its portfolio further. This includes Europe’s largest onshore wind farm, Fântânele-Cogealac-Grădina, in the Dobrogea region.
Long-term growth play
Leigh Harrison, Head of MIRA for the EMEA region, said: “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. 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.”
Ondrej Safar, CEO and President of the Management Board of ČEZ Group in România, said: “CEZ in România has often pioneered bold and innovative initiatives that have stimulated the consolidation and development of the Romanian energy sector. Our team of highly skilled specialists has been able to do this by endorsing digital transformation and pursuing a client-centered business strategy. With the acquisition by MIRA, we are looking forward to building on these results with an experienced long-term investor that will support our business going forward.”
Strategically located net energy exporter
In 2019, Reuters reported that a draft energy strategy from the Romanian governmentprojected as much as EUR 30 billion ($34 billion) of investment in power, oil and production, mining and other infrastructure is needed by 2030 to meet energy demand. Another EUR 15 billion might be needed between 2031-2050.
Romania is a net exporter of power, and one of the European Union’s most energy-independent states, generating its electricity from a hybrid mix of gas, coal, nuclear, hydroelectric and renewable sources.
As the world’s largest infrastructure investor, MIRA manages the operation and development of electricity distribution networks in Australia, Austria, Finland, Spain, and the United States.
MIRA is also a major investor in clean energy, managing investments in 12.4 GW of green generation capacity globally across onshore and offshore wind, solar PV, hydropower, geothermal, and energy from waste.
Price and other deal terms were not made public, and the transaction remains subject to customary regulatory approvals.