State-owned Hidroelectrica is looking for a legal consultant to help the acquisition of a 131 MW photovoltaic project in Argeș County from Portland Trust. The hydropower plant operator is diversifying its portfolio after failing to buy ČEZ’s assets in Romania.

Hidroelectrica has announced a public call for a legal consultant to assist it in the process of taking over a real estate investor and asset management firm’s solar power project in Rătești in Argeș county near Bucharest. Portland Trust Renewables 1 already has a grid connection permit for the planned 131 MW photovoltaic plant and the Romanian state-owned hydropower plant operator noted the photovoltaic system would span 170 hectares.

Photovoltaic system seen coming online in 2022

The legal adviser will be tasked with conducting due diligence and verifying loan and guarantee contracts, the documentation reveals. The country’s transmission system operator Transelectrica estimates the solar power project that Hidroelectrica aims to purchase would become operational next year.

Hidroelectrica’s acquisition of a 108 MW photovoltaic plant in Dobruja was approved in February

The national hydropower plant operator earlier adopted a strategy to diversify its portfolio while keeping its power production assets 100% green. The first major step was to acquire the 108 MW Crucea Nord wind farm in Dobruja from Essen, Germany-based Steag. The Competition Council of Romania approved the transaction in February.

Hidroelectrica agrees EUR 254 million loan package

Hidroelectrica has a 6.5 GW portfolio of active power plants, making it the biggest electricity producer in the country. Its profit jumped 4.8% to EUR 295 million last year, though with a plunge in revenue. Hidroelectrica operates 209 hydroelectric power plants. Its stock market listing has been put on hold last year ago due to the coronavirus pandemic impact.

In other news, BRD – Groupe Société Générale has just approved a EUR 254 million financing deal for Hidroelectrica over seven years. The bank said it is the largest bilateral loan in the sector so far in Romania.

Of note, Macquarie’s agreement to buy ČEZ’s electricity distribution, energy supply and operational renewable energy portfolio in Romania has just been completed. Hidroelectrica participated in the bid.