En+ Group completes the acquisition of a 40.29% shareholding in Irkutskenergo from Inter RAO

En+ Group has completed the acquisition of a 40.29% shareholding in PJSC Irkutskenergo from PJSC Inter RAO and Inter RAO Capital (a wholly owned subsidiary of PJSC Inter RAO).

The shares were bought by LLC Telmamskaya HPP, a subsidiary of EuroSibEnergo (a company forming part of En+ Group). The transaction value totaled RUB 70 bln. Under the deal, payment will be made in cash in several stages using a syndicated loan to be raised from PJSC Sberbank and PJSC VTB.

"Completion of the acquisition of the shareholding in PJSC Irkutskenergo will enable us to start transforming EuroSibEnergo into an integrated operating company. This will considerably strengthen the position of the entire En+ Group, providing it with access to capital markets and ultimately enabling the group to implement its key 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).

En+ Group is a leading Russia-based industrial group. It comprises companies in the metals, mining, energy and strategically related industries. It is the largest private investor in the economy of Eastern Siberia: to date, the Group's investments in East Siberian projects have exceeded US$5 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.

June 07, 2016
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