Italian group Enel, the largest European utility company, has started the process of selling operations in Romania and expects assets to be valued at around one billion euros, sources close to this file have told Reuters.

The process is conducted by the French bank BNP Paribas.

Enel is the largest private investor in the Romanian energy sector, where the Italian group has been present since 2005 with operations in the field of electricity distribution and renewable energy production. Enel serves over three million customers in Romania and wants to relaunch its efforts to sell its holdings after the previous plan to exit the Romanian market was abandoned in 2015.

The process of selling the Enel assets, which is still in its early stages, comes in a context where other international utility companies, such as CEZ, E.ON and Engie, are reviewing their options regarding their presence on this market, as they are struggling to compete with the state company Hidroelectrica, the largest electricity producer in Romania, said one of the sources.

“BNP is now trying to probe the land to see if there is an appetite and whether Enel will sell all or only part of the business. It depends on the buyers,” another source said, according to Agerpres.