Frangulea has taken over as head of Hidroelectrica’s Department for Strategy and International Cooperation starting Monday. Frangulea was appointed to this position following a recruitment contest organized by the local branch of Dutch executive search firm Pedersen&Partners in 2013.
Frangulea will coordinate the sale of the 123 micro power plants included in Hidroelectrica’s portfolio, manage the relation with the shareholders and investors and implement Hidroelectrica’s privatization strategy which consists in selling a 15% on the Bucharest and London stock exchanges.
Hidrolectrica, Romania’s largest electricity producer, has 80.05% of its shares in the hands of the Energy Department, while investment fund Fondul Proprietatea holds a 19.95% stake.
The power company was placed under insolvency in late February, after the Bucharest Appellate Court cancelled a previous court decision allowing the Hidroelectrica to complete a 12-month reorganization process started in June 2012. Following the decision, insolvency company Euro Insol was reinstated as Hidroelectrica’s judicial administrator.
Hidroelectrica runs units with a total installed capacity of 6,400 megawatts and covers around 30% of Romania’s power consumption.