Hidroelectrica, Romania’s largest electricity producer, had hoped to raise at least EUR10.4 million at the auction.
Two of the three micro power plants were sold to Romanian company ThreePharm, while the third one was purchased by Italy’s Idroenergia.
Hidroelectrica plans to auction 88 micro power plants in 2013-2014 in a move to cut maintenance costs.
In June 2013, the company sold 14 micro power plants for RON46.8 million.
Hidrolectrica has 80.05% of its shares in the hand of the Energy Department, while investment fund Fondul Proprietatea (FP.RO) holds a 19.94% stake. The company runs units with a total installed capacity of 6,400 megawatts and covers around 30% of Romania’s power consumption.
Romania plans to sell 15% in the hydropower company and considers a dual listing, in Bucharest and in London. Last week, the country selected a consortium comprising local brokerage Raiffeisen Capital&Investment and U.S. bank Morgan Stanley to assist with the sale. (EUR1=RON4.5085)