The shareholders of Hidroelectrica, the Romanian water-power producer, have approved the initial public offering for a stake of up to 19.94%.

During the GSM of Hidroelectrica held yesterday, 31 March 2022, the shareholders have approved the initiation of the listing of the Company’s shares on the BVB following a public offering of the Company’s shares held by the Fondul Proprietatea fund.

The Fund currently holds 19.94% of the issued share capital of Hidroelectrica, representing 66.15% of the Fund’s NAV as of the end of February 2022. Fondul Proprietatea, which intends to sell a minimum stake of 15% in Hidroelectrica (from the aforementioned 19.94%), puts the value of the 15% stake at EUR 1.37bn. The remaining 80% of the stake in Hidroelectrica is held by the government of Romania.

Hidroelectrica, a company that operates 209 hydro-power stations, with a total installed capacity of 6.482 MW, as well as 108 MW in the Crucea-based wind park, expects 2022 net profit to amount to RON 2.9bn (EUR 586.2m), and sales to amount to RON 6.6bn (EUR 1.33bn).