Electrica’s shareholders approved the merger by acquisition between Societatea Energetica Electrica SA (ELSA), Societatea Electrica Productie Energie SA (EPE), Electrica Energie Verde 1 SRL (EEV) and Green Energy Consultancy & Investments SRL (GECI) during a general meeting on Tuesday. In Electrica, it is the absorbing company. According to the motivation for this decision, the merger will simplify the structure of the Electrica group and bring financial benefits.

There are companies in which Electrica owns shares. At the moment, the group’s portfolio includes an operating photovoltaic park acquired in 2020 and currently owned by EEV, a limited liability company whose sole shareholder is EPE. For its part, EPE is a joint-stock company owned 99.992% by Electrica and 0.008% by Electrica SERV, a subsidiary of Electruca. In addition, GECI is a limited liability company that is 100% owned by Electrica.

The SPVs in which ELSA held shares operated as independent entities. “From experience up to this point, their separate management is an expensive and time-consuming approach,” the decision’s motivation reads. According to her, the integration process of renewable energy development operations initiated by this first merger is aimed at strengthening the value chain of the Electrica group.

Among the advantages, Electrica mentions the simplification of the group structure, a significant reduction in response time and corporate decision-making, and a reduction in redundant activities.

From a financial point of view, at the end of 2024, taking into account the effective date of the merger, which is estimated to be December 31, 2023, a total net benefit of approximately 5.33 million lei is expected.