The ruling opens the way for a previously planned initial public offering of a 15% stake on stock exchanges in Bucharest and London.
The court’s ruling is not final and may be appealed.
Hidroelectrica went insolvent in June 2012 after it had sold electricity outside the energy exchange at prices below market levels. The company was court-ordered into a second insolvency process in February 2014, less than eight months after completing a one-year reorganization process.
Hidroelectrica reported a gross profit of RON1.1 billion (EUR248 million) in 2015, slightly lower than in 2014, and its production and turnover were also lower, according to data provided by the company.
In 2015, Hidroelectrica budgeted investments of EUR1.3 billion for the next five years.
Hidroelectrica is controlled by the state through the Ministry of Energy.