EuroSibEnergo to buy 40.29% of Irkutskenergo´s shares from Inter RAO
EuroSibEnergo, Russia's largest private power company (forming part of En+ Group) has signed an agreement on the purchase of 40.29% of shares in PJSC Irkutskenergo from PJSC Inter RAO and its wholly owned subsidiary, Inter RAO Capital.
The shares will be bought by LLC Telmamskaya HPP, a subsidiary of EuroSibEnergo. The transaction value totals RUB 70 bln. The payment will be made in cash.
The transaction will be closed after each party has obtained the required corporate approvals: approval from the Board of Directors of PJSC Inter RAO and a resolution of the sole member of LLC Telmamskaya HPP.
"The acquisition of shares in PJSC Irkutskenergo provides an opportunity for transforming EuroSibEnergo into an operating company, unlocking the potential for performance improvement and providing En+ Group with improved access to capital markets, which is a necessary prerequisite for the implementation of our investment projects. We are convinced that En+ Group will occupy a rightful place among the world's leading energy companies," commented Maxim Sokov, CEO of En+ Group (which owns a 100% stake in JSC EuroSibEnergo).
About the companies:
En+ Group (www.enplus.ru) is a leading Russia-based industrial group. It comprises companies in the metals, mining, energy and strategically related industries. It is one of the largest private investors in the economy of Eastern Siberia: to date, the Group's investments in East Siberian projects have exceeded US$6 bln. En+ Group holds a controlling stake (48.13%) in UC RUSAL, one of the world's largest aluminum and alumina producers; it also owns Russia's largest independent power company, EuroSibEnergo, and Souzmetallresourсe (SMR), the world's leading ferromolybdenum producer, as well as large coal deposits and a logistics business.
Core assets and new projects of En+ Group are located in Eastern Siberia: in the Transbaikal region, the Irkutsk Region, the Krasnoyarsk Territory, the Tuva Republic and the Republic of Khakassia, in close proximity to fast-growing Asian markets. En+ Group's businesses employ about 100,000 people.
JSC EuroSibEnergo (www.eurosib.ru) is Russia’s largest private power company and one of the country's leaders in green power generation. EuroSibEnergo operates power plants with a total installed capacity of 19.6 GW, including major HPPs forming part of the Angara-Yenisei HPP Cascade with a total capacity exceeding 15 GW. EuroSibEnergo accounts for about 8% of Russia's electricity production. The Company forms part of En+ Group, a leading Russia-based industrial group.
Inter RAO Group (www.interrao.ru) is a diversified energy holding serving various segments of the Russian and international electricity industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales and developing new lines of business. The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise, a key player in the global energy market and Russia's leading electric utility by energy efficiency. Inter RAO Group owns and operates 33 GW of installed power generation capacity.
Press service of JSC EuroSibEnergo
May 16, 2016