We continue the extensive presentation of the Energy Evolution 2015 nominations with the Deal of the year category. Only one of the projects below will be awarded during the Gala on December 3. However, each of the companies and all the people involved in these projects deserve our respect and the widest promotion possible.
Carlyle Group
Taking over Sterling Resources’ operations in Romania
We propose the acquisition of Midia Resources by Carlyle group for the category Deal of the Year, as it opens the opportunity of accelerated development of the national and regional identification and trade of gas resources in the blocks of Black Sea Oil & Gas (formerly Midia Resources).
Midia Resources, company which was owned by Sterling Resources, has changed its name into Black Sea Oil & Gas (BSOG) after the acquisition of its hydrocarbon assets by the financial group Carlyle and continues operations in the Romanian sector of the Black Sea.
Canadian company Sterling Resources has sold its operations in Romania to the investment fund Carlyle International Energy Partners for USD 42.5mln. The sale includes the concession rights regarding XIII Pelican, XV Midia, EX-25 Luceafărul and EX-27 Muridava blocks, being structured in the form of sale by the company of its fully owned subsidiary, Midia Resources. The blocks, located on the Romanian continental shelf of the Black Sea, contain a number of significant gas discoveries and present net resources and possible net resources amounting to the equivalent of approximately 51 and, respectively, 375 million oil barrels.
Franklin Templeton
Fondul Proprietatea sold a 4.15% stake in Romgaz
Fondul Proprietatea candidates to the category Deal of the Year with the accelerated book build offering of 16 million shares in Romgaz, more than initially planned. The transaction was a success by the rapidity with which the placement was realized and the size of revenues obtained.
Fondul Proprietatea sold though accelerated book build offering a 4.15% stake in Romgaz, for RON 456mln (EUR 103.1mln), with a discount of 6.8%.
Fondul Proprietatea sold 16 million shares in Romgaz to qualified investors, of which 14.71 million as shares and 1.28 million as global depositary receipts. The actual size of the transaction was supplemented by 9.7% in relation to the initially targeted volume, due to high demand from investors. The share price was set at RON 28.50 and USD 7.32 (for the sale through global depositary receipts with shares as underlying assets). After the deal, Proprietatea Fund remained with 22.54mln Romgaz shares, accounting for 5.85% of the capital.
GDF SUEZ Energy Romania/ENGIE
Takeover of Congaz stake
GDF SUEZ Energy Romania/ENGIE candidates in this category with the acquisition of a 13.95% stake in the local gas distribution company Congaz, stake which belonged to Petroconst Constanța.
Following this transaction, the company reaches a 99.72% stake in Congaz. In July 2014, GDF SUEZ Energy Romania/ENGIE purchased the share package of 57.18% owned by OMV Petrom and E.ON.
Following this acquisition, GDF SUEZ Energy Romania/ENGIE consolidated its position as the largest gas distribution and supply company in the regulated gas market of Romania.
Congaz is a company established in 1999 in order to develop the distribution network in the city of Constanţa, as well as in other localities of the county. Congaz operates a gas distribution network of approximately 850km and has a portfolio of 57,000 customers in 14 localities in Constanţa County, respectively: Constanţa, Medgidia, Năvodari, Ovidiu, Negru Vodă, Agigea, Eforie Sud and Eforie Nord, Cogealac, Cumpăna, Lumina, Lazu, Valu lui Traian and Mihail Kogălniceanu. The medium-term development plan of the company provides for extension of the gas network in the localities where the company already has concessions, as well as the development of new ones.
MVM Partner Bucharest
MVM Hungary takes over control of Hivatalos Miercurea Ciuc
Hungarian energy company MVM entered the energy market in Romania by purchasing a 90% stake in Hivatalos Miercurea Ciuc, company focused on electricity production in small hydro-power stations.
MVM, the energy company owned by the Hungarian state and one of the largest in Hungary, holds control over energy producer in small hydro-power stations Hivatalos. Small hydro-power stations taken over have an installed power of approximately 7MW.
The deal represents the entry of the Hungarian energy market leader in Romania in the electricity production segment. The sale of a MW of installed power in small hydro-power stations ranges between USD 3-4mln, but the figure hasn’t been confirmed by any of the parties involved.
Transeastern Power Trust
Transeastern Power Trust purchased two solar parks
In a climate of uncertainty and financial problems for the renewable energy sector, Transeastern Power Trust bought two solar parks in Romania, from RG Renovatio Group, for about EUR 9 million, excluding debt.
The price has a cash component of EUR 4.17mln and one of 6.812 million Trust Units, at the value of 1 Canadian dollar. Transeastern Power Trust secured funding of USD 5mln from Sprott Resource Lending Partnership.
The solar parks purchased have been operational for over two years and increase by over twice the installed energy production capacity owned by Transeastern Power Trust. Related to the trust units component, before the acquisition of the two solar assets Transeastern completed the first tranche of a private placement, through which it issued certificates worth over USD 5.4 million. Each certificate can be turned into a trust unit and an option for the acquisition of trust units, for a period of 36 months from issue, at the price of 1 dollar per unit.
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Eight of the best experts in the Romanian energy industry joined to jury the candidate projects and people for the third edition of Energy Evolution Awards!
The third energynomics Awards Gala organized by energynomics.ro brings something new compared with the editions in 2013 and 2014 – an exhibition dedicated to the Evolution in technologies and solutions for energy, hosted in the venue of this year’s Gala. Find out more details on 2015 energynomics Awards.