Moscow, July 23rd, 2019 – Today PJSC Enel Russia (“Enel Russia”) published the results of its Extraordinary General Shareholders’ Meeting, held in absentia yesterday, whereby voting shareholders owned in aggregate 30,275,939,897 or 85.59% of the total voting stocks. The only agenda item was the approval of a major transaction, the sale of PJSC Enel Russia’s coal-fired power plant Reftinskaya GRES to JSC Kuzbassenergo (“Kuzbassenergo”) owned by Siberian Generating Company (SGC). 27,587,661,416 or 91.12% of participating in voting Enel Russia shareholders approved the transaction sale price, amounting to no less than 21 billion roubles, net of Russian Federation VAT and subject to price adjustments of up to 5%.
The sale of Reftinskaya GRES includes all of its property, namely movable and immovable assets, stocks of coal, raw materials and spare parts. The transfer of Reftinskaya GRES to Kuzbassenergo is expected within 18 months from the entry into effect of the sale-purchase agreement signed on June 20th, 2019, once Russia’s Federal Antimonopoly Service approves the transaction.
The agreement also envisages a contingent component of up to 3 billion roubles to be payable within five years from sale closing, subject to specific conditions, in addition to the sale price that was noted above.
The 3,800 MW Reftinskaya GRES facility is the largest coal-fired power plant in Russia, owned by Enel Russia and located in Reftinsky settlement, Sverdlovsk region. The power plant consists of six 300 MW units and four 500 MW units, while the installed thermal capacity amounts to 350 Gcal/h. Reftinskaya GRES is able to meet around 40% of the total electricity consumption in the Sverdlovsk region.
Kuzbassenergo, a Kemerovo-based Russian energy company, is a subsidiary of SGC, one of the leading operators in the Russian electricity and heat markets. SGC has a total installed capacity of 10.9 GW and a thermal capacity of 23,900 Gcal/h, as well as a heat distribution network totalling 9,624 km in length. SGC power plants produce about 23–25% of the heat and power generation in the Siberian energy system.
