Duet Private Equity, through one of its investment SPVs acquires 100% of the leading energy utilities company in Moldova, Red Unión Fenosa S.A. and Gas Natural Fenosa Furnizare Energie S.R.L. (“GNF Moldova”) in a EUR 141 mm transaction.

  • GNF Moldova, an affiliate of Naturgy Energy Group, is the leading electricity supply and distribution company in Moldova holding a 70% market share in electricity distribution in the centre (including the capital of Moldova, Chisinau) and south of the country
  • Duet Private Equity Limited expects completion of the EUR 141 million consideration (including pre-closing dividends) to occur shortly.
  • Leveraging on DPEL’s wide experience in the Emerging Europe, this transaction follows a number of previous successful projects in the region. 

London, United Kingdom, 12 April 2019: Duet Private Equity Limited (“DPEL”), announced today that it will acquire a 100% stake in Red Unión Fenosa S.A. and Gas Natural Fenosa Furnizare Energie S.R.L. (“GNF Moldova” or “the Company) through one of investment SPVs.

Gas Natural is the leading operator in the electricity distribution and supply sector in Moldova where it has been present since 2000, when the privatization of the electricity sector took place driven by the independence of Moldova. The Company now holds a 70% market share in electricity distribution in the country and covers 2/3 of the population, including the capital of Moldova, Chisinau.

Moldova provides a favourable macro environment for investment underpinned by above average GDP growth, declining unemployment and increasing attraction by foreign investors due to continued convergence with the EU. Driven by its economic growth, Moldova is currently evolving from a low-income country towards a middle-income country, with a significant 40% increase in GDP per capita (in PPP) experienced from 2008 to 2016 and it is expected to maintain this momentum.

The Company has been focused in the last years on improving efficiencies, processes linked to energy control, customer management cycle, and optimization of facility O&M making it well positioned to satisfy the country’s increasing electricity consumption across all areas served by the distribution network.

Commenting on the transaction, Henry Gabay, CIO at Duet Private Equity Limited and Co-Founder at Duet Group, said: “We are delighted to have worked on this transaction with Naturgy and look forward to extend our business collaboration in the future”

Boris Salas, Operating Partner at Duet Private Equity Limited, said: “We consider GNF Moldova to be strongly positioned to capitalise on the expected continued growth of country and work together with the Moldovan Government to collaborate in the further development of its electricity sector. DPEL will retain the key management of GNM.”

Simmons & Simmons LLP, ACI Partners Law Office and PeliFilip SCA acted as legal advisors to DPEL on the transaction whilst Ernst and Young Servicios Corporativos S.L. acted as financial advisors.

For more information on Duet Private Equity Limited, please contact:

Harriet Menzies 
Investor Relations
Duet Group
E: HMen[email protected]

Karim Khimji
Managing Director
Duet Group
E: [email protected]


Duet Private Equity’s investment team has built a strong track record of sourcing, structuring, executing, managing private equity transactions mainly on a deal by deal basis in Emerging Markets and Special situations. The team’s innovative strategy is built on an entrepreneurial culture, backed by a best-in-class institutional structure. DPEL maintains strategic partnerships with external industry experts, leveraging a vast network of local experience. Our Industrial Partners bring additional support to our investments.

Duet Private Equity Limited is a wholly owned subsidiary of Duet Group.



GNF Moldova has been present in Moldova since the acquisition of Unión Fenosa, which had been operating in the country since the year 2000. RED Union Fenosais one of the two main DSOs in Moldova. As at December 2017 Gas Natural Fenosa had 889,078 connection points in Moldova, with total electricity sales of 2,696 GWh covering 19 regions, including the capital. The Company operates 110kV, 35kV, 10kV, 6kV and 0.4kV grids. The Company operates under an extendible concession (7 years of initial remaining period) · GNF is responsible for 70% of electricity distribution in Moldova and covers more than two thirds of the population ·

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