June 5, 2012 / 9:52 AM / 6 years ago

Poland agrees to sell hydropower plant to Energo-Pro

WARSAW, June 5 (Reuters) - Poland’s treasury ministry signed a preliminary agreement to sell a nearly 100 megawatt hydropower plant to Czech utility Energo-Pro for an undisclosed sum, the ministry said on Tuesday.

The deal for the Niedzica plant, located in the southern part of Poland in the Pieniny Mountains, is expected to be finalised in the first half of 2013, the treasury ministry, which oversees state assets, also said in a statement.

Exclusive talks between Poland and Energo-Pro were postponed several times since they began in September 2011 due to legal issues with land surrounding the plant, according to local media.

Niedzica had earlier been the subject of interest from Polish state-owned utilities Tauron, Enea, Energa and copper miner KGHM’s asset management unit, among others.

In 2010 the plant more than doubled its net profit and earnings before interest, tax, depreciation and amortization (EBITDA) to 39 million zlotys ($11.09 million) and 55 million zlotys, respectively. Revenues rose 51 percent to 81 million zlotys. ($1 = 3.5169 Polish zlotys) (Reporting by Maciej Onoszko; editing by Michael Kahn and Keiron Henderson)

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