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Nov 07, 2017 11:28 EEST
SOFIA (Bulgaria), November 7 (SeeNews) – Czech power utility CEZ Group is close to completing the sale of assets in Bulgaria to India’s Future Energy, Czech media reported on Tuesday.
CEZ intends to sell its power distribution unit in the country – CEZ Distribution, together with solar power plant Oreshets and biomass power plant Bara, Hospodarske Noviny news daily reported, quoting two separate sources close to the process.
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Although the two sources have refused to comment on the price of the potential deal, it is definitely over 8 billion Czech crowns ($361.8 million/312.7 million euro), the daily said.
An e-mail and a phone call by SeeNews seeking comment from the CEZ Froup went unanswered by the time of writing.
Last week, the CEZ Group said it agreed to sell its Varna thermal power plant (TPP), part of its assets in Bulgaria, to local company SIGDA. The final purchase price will be determined as of closing of the transaction based on the level of working capital, CEZ said at the time.
In August, the CEZ Group said it had received binding bids for its assets in Bulgaria from several candidates. It did not name the candidates.
In January, the Czech group announced it had decided to study the options related to its equity investments in Bulgaria, based on the interest of several unnamed investors. It did not elaborate.
The assets of the CEZ Group in Bulgaria comprise CEZ Distribution Bulgaria, the public supplier of electricity and a licensed trader CEZ Electro Bulgaria, licensed electricity trader CEZ Trade Bulgaria and Varna thermal power plant. The operations of those companies are managed and coordinated by CEZ Bulgaria.
(1 euro = 25.57 Czech crowns)
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