French consortium acquires 45 % stake in power plant

Electricite de France(EdF) and Gaz de France (GdF) have together signed a deal with the State Treasury to acquire a 45% stake in power-and-heating-plants group Zespol Elektocieplowni Wybrzeze (ZEW) at a cost of euro 62 million. The consortium has also promised a starting capital investment of euro 12 million. Director Director of Privatization Grazyna Karlowicz-Stoma says the transaction will be finalized in July or August, once the Interior Ministry gives its consent. Analysts say the total investment obligation of the EdF and GdF to ZEW is over euro 163 million, and must be carried out within seven years. (Puls Biznesu, page 3) A.Z.