OJSC Irkutskenergo acquires a controlling stake (51%) in the authorized share capital of LLC Avtozavodskaya CHPP
On June 24, 2013, OJSC Irkutskenergo acquired a controlling stake (51%) in the authorized share capital of LLC Avtozavodskaya CHPP.
Currently, the installed electricity generating capacity of the Avtozavodskaya CHPP totals 580 MW. The Avtozavodskaya CHPP supplies heat and electricity to residents, industrial enterprises, publicly funded organizations and institutions and other consumers; it generates and distributes over 30% of electricity and up to 40% of heat in the market of Nizhny Novgorod. Since January 1, 2010, the Avtozavodskaya CHPP has been a participant of the wholesale market for electricity and capacity. In 2012, gross profit of the Avtozavodskaya CHPP amounted to RUB 893 mln. The key development project of LLC Avtozavodskaya CHPP involves constructing a new combined cycle gas turbine unit with the capacity of 400 MW, which will enable the company to increase its market share.
Oleg Prichko, CEO of OJSC Irkutskenergo: “The Avtozavodskaya CHPP is a stable company showing a strong operating and financial performance. The acquisition of a 51% stake in LLC Avtozavodskaya CHPP serves the strategic interests of OJSC Irkutskenergo. As our company has a strong financial position, it has acquired an efficient power generating project in the central part of Russia. Besides, the acquisition of this asset and the implementation of the investment project aimed at constructing the 400 MW CCGT will enable the Company to diversify its assets and enter a new market.”
Press service of OJSC Irkutskenergo
June 25, 2013