According to the calendar and declared principles by the HIDRO TARNITA SA team:

  • The selection of investors shall be carried out following a transparent procedure
  • Selection method: sealed bidding, preceded by negotiations based on preliminary non-binding bids
  • The investors which may take part in the selection procedure are determined based on certain prequalification criteria



Deadline: January 30th, 2015



  • Analysis, by the Negotiation Commission, of preliminary and non-binding bids submitted by prequalified investors
  • The minimum mandatory content of preliminary and non-binding bids shall be indicated in the prequalification documents
  • The development of preliminary and non-binding negotiations
    • NOTE: The result of the preliminary negotiations is not binding on the investors and/ or the Negotiation Commission, but allows all parties to find the optimum framework for the bidding.
  • Based on the results of preliminary and non-binding negotiations with all investors, the Negotiation Commission shall prepare the Bid Specifications..



a.Finalization of the final form of the bid documents

  • Following the conclusions of the non-binding negotiation stage, the Commission prepares and approves the final form of the bid documents for Stage III and the scoring grid applicable to all prequalified investors
  • The Government approves the final implementation model for project CHEAP Tarnita – Lapustesti and analyses the opportunity of possible improvements and/or additions to the current regulatory framework, if they are considered necessary to ensure the feasibility and bankability of the project, as well as other elements to be included in Stage III – Bidding

b.The Bidding

  • Submission, in separate sealed envelopes, of the binding bids and of the bid participation documents
  • The minimal and mandatory content of the binding bid, as well as the scoring grid, shall be mentioned in the Bid Specifications
  • Review by the Negotiation Commission of the bid participation documents
  • Displaying the list of investors who may participate in the bidding procedures
  • Opening the sealed envelopes containing the binding bids
  • Reviewing and scoring the binding bids; deciding on the successful bid
  • Communicating the results of the selection procedure to the investors


  • The signing of the Memorandum of Understanding between the Romanian party and the selected investor and/ or of the Investment Agreement, as well as of other agreed documents (as the case may be)
  • Resolving agreed matters included in the Memorandum of Understanding
  • Co-opting the investor as shareholder in HIDRO TARNITA S.A., through capital increase and issuance of new shares to be assigned to the investor, in exchange for the contribution/ price paid by the latter.



  • Selection of the contractor(s)
  • Implementation of the investment/ Project
  • Acceptance of the investment/ Project
  • Authorization and signing of the commercial contracts
  • Commencement of CHEAP commercial operation