Monsson Group sells Romania's Emon Electric to Africa's EnComm
Monsson's commercial and administrative operation 2 x 2.5 MW turbines located in Constanta County, Romania. (Author: Monsson). License: all rights reserved.
Wind power project developer Monsson Group said on Thursday it has sold Romanian electric works company Emon Electric to African company EnComm for an undisclosed sum, in order to focus on external markets with a more stable business environment.
Monsson bought a majority stake in Emon Electric in May 2014.
"I believe that Emon Electric was an interesting project, but the market in Romania is somewhat stagnant. We prefer to focus our resources in countries that have high growth prospects and are stable in terms of legislation," Monsson development manager Sebastian Enache said.
In the last two years, Monsson focused on developing its business on mature markets in South Africa, New Zeeland and Europe, he added.
The company is also involved in renewables integration with desalination solutions projects.
"We consider these areas as priorities at this moment," Enache also said.
Monsson Group, controlled by businessman Emanuel Muntmark, was founded in 1997 and since 2004 focused on renewable energy. It became a major wind farm developer and is currently operating in over 25 countries.
The biggest project it has developed in Romania was the 600 MW Fantanele-Cogealac wind farm operated by Czech utility company CEZ.
The company has over 250 employees in Romania.
Emon Electric was founded in 1998 by Diana and Mircea Solomon and became a regional leader providing solutions for energy and telecommunications infrastructure and smart grid.
Also focusing on external markets, Emon aims to expand its business on other fields such as energy storage, power quality, FACT networks , high-voltage networks in DC compact corridor, infrastructure for electric cars and urban traction systems and power restoration after disastrous weather events.