US Quintana shows interest in CE Hunedoara, as electricity producer nears insolvency

Andrei Gerea, the new SME’s and Energy minister said on Monday that Hunedoara Energy Complex (CE Hunedoara) is close to insolvency and needs to increase efficiency, while there is some interest in its privatization, writes Mediafax.

Earlier in the day, the former Energy minister, Razvan Nicolescu, which is no longer part of the new government, said U.S. company Quintana Minerals Corporation is interested in the privatization of state-owned coal and electricity producer and required information on the state company from Romania’s Department for Energy.

Nicolescu said at that point that CEH needs money urgently for investments but it also needs a good amangement team. The complex has 6,500 employees and has four mines and two powerplants in its portfolio. CE Hunedoara supplied 7 percent of the country’s electricity requirements in 2013.

Quintana Energy Partners I & II, L.P. (Quintana) were formed by Quintana Capital Group, L.P. to make control-oriented equity investments across the oil and natural gas, coal and power industries. With approximately USD 950 million in capital commitments, Quintana is opportunistic in selecting investments across the upstream, service and downstream sectors of the energy industry.

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