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CEZ Gives Up Search for Investors for 600MW Romanian Wind Park

Aug. 1 (Bloomberg) -- CEZ AS, the largest Czech producer of electricity, isn’t actively seeking investors for a stake in its Fantanele & Cogealac wind farms in Romania.

The utility reversed a previous plan to sell all or part of its 600-megawatt wind park and is instead focusing on negotiating better state support for renewable energy with the Romanian authorities, spokeswoman Barbora Pulpanova said by e-mail.

CEZ said in April it was looking for an investor in the wind park on the Black Sea coast after Romania cut state subsidies in the form of green certificates in half. The Prague-based utility said earlier this year it was going to focus investments on the domestic market and neighboring Germany, Poland and Slovakia.

Romania joined other countries in Europe such as Spain, France, Italy and the U.K. in curtailing aid for renewable power to avoid overcompensating companies and to limit electricity-price increases for consumers.

CEZ probably won’t bid for Enel SpA’s stake in Romania’s distribution companies, including the utility that powers Bucharest, the capital city, the spokeswoman said. Enel is putting the stake up for sale as a part of its plan to raise as much as 4.4 billion euros ($5.9 billion) by disposing of assets in eastern Europe.

“We look at all market opportunities, but we aren’t currently planning to make any sizable investments on the Romanian market,” Pulpanova said. “We are stabilizing our operations and developing the current portfolio.”

To contact the reporter on this story: Ladka Bauerova in Prague at lbauerova@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Alex Devine, Alastair Reed

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