EnergoPro, the Czech energy group, has acquired eight energy assets, including six hydro power stations, from Georgia for US$312.32M.
Hydro plants Dzervruli, ATS, Shaori, Gumati, Ladjanuri and Rioni were bought for around US$200M, more than double the US$82M guide price. EnergoPro also acquired distribution companies United Energy Distribution Power of Georgia and the Adjara Power Company for US$85M and US$30M respectively.
A ninth company, Kakheti Power, also sold as part of the deal, has been bought by Georgia’s TBC Energia for US$5.1M.
The assets significantly exceeded a government target price of around US$120M with six companies bidding. The Georgian government started consideration of the bids on 16 June.