Swedish-based wind energy and photovoltaic project developer Monsson Group said it sold Emon Electric from Romania to African company EnComm for an undisclosed sum in order to focus on external markets with a more stable business environment, SeeNews reported.
Monsson bought the majority stake in the electric works business in May 2014. “I believe that Emon Electric was an interesting project, but the market in Romania is somewhat stagnant. We prefer to focus our resources in countries that have high growth prospects and are stable in terms of legislation,” development manager Sebastian Enache said.
In the last two years, Monsson focused on mature markets in South Africa, New Zealand and Europe, he added. The company is also involved in renewables integration with desalination solutions projects.
Emon Electric installed first GSM mobile phone equipment in Romania after it was founded in 1998 by Diana and Mircea Solomon. It has also operated in energy infrastructure, including smart grids. Last year it reported a turnover of EUR 2 million and 84 employees.
Monsson, controlled by businessman Emanuel Muntmark, was founded in 1997. It has been focusing on renewables since 2004. It has business activities in more than 25 countries and more than 250 employees in Romania.
Also focusing on external markets, Emon aims to expand its business on other fields such as energy storage, power quality, FACT networks , high-voltage networks in DC compact corridor, infrastructure for electric cars and urban traction systems and power restoration after disastrous weather events, the report said.