En+ acquires 40.29% in Irkutskenergo from Inter RAO
Moscow, May 16, 2016 - Russia's largest independent electricity generator EuroSibEnergo, part of En+ Group, signed an agreement on acquiring 40.29% in JSC Irkutskenergo from PJSC "Inter RAO" and its fully owned subsidiary Inter RAO Capital.
The EuroSibEnergo's subsidiary Telmamskaya HPP LLC will act as the buyer. The value of the transaction is RUR69.5 bln, payable in cash. The transaction will be completed after the parties obtain appropriate corporate approvals, i.e. by the Board of Directors of PJSC "Inter RAO" and the sole member of Telmamskaya HPP LLC.
Maxim Sokov, CEO of En+ Group (fully owns JSC "EuroSibEnergo"), commented: "The acquisition of the shares in Irkutskenergo gives an opportunity to transform EuroSibEnergo in operating company, to unlock the efficiency potential and to provide En+ Group with a better access to the capital markets needed to implement our investment projects. No doubt, En+ Group will move forward to take a decent place among the world's leaders of the energy industry".