The minority shareholder in Romanian electricity producer Hidroelectrica – investment fund Fondul Proprietatea (FP) revised the valuation of its stake (20 %) in the company.
According to FP, the 20 % stake now values to around 2.3 billion euros, which means that the total valuation of the company is around 11.5 billion euros, compared to 10 billion valuation from April.
FP said that it revised Hidroelectrica’s valuation based on the latest financial information, its increased EBITDA and the valuation of comparable listed companies.
According to FP, Hidroelectrica recorded a net profit of 264 million euros in the first quarter of 2022, which is 70 % more compared to the same period last year. The companies revenues rose by 65.7 % year-on-year to 477 million euros, while its EBITDA rose by 51.8 % to 331 million euros in the first three months of this year.
On the other hand, Hidroelectrica generated less electricity in the first quarter of 2022 compared to Q1 2021, but that was offset by higher electricity prices this year. Electricity generation amounted to 3.2 TWh, 30 % less than in Q1 2021, while the average price of sold electricity was 134.3 % higher.
Hidroelectrica is the largest producer of green energy in Romania and the main provider of balancing services required in the national electricity system. The company operates a total of 209 hydropower plants, with combined installed capacity of 6,482 MW. Recently it acquired Crucea wind farm, with an installed capacity of 108 MW.
