Enel Russia’s extraordinary Shareholders Meeting approves Reftinskaya GRES sale

Published on Tuesday, 23 July 2019 18:00

Rome, July 23rd, 2019 – Enel S.p.A (“Enel”) informs that the extraordinary Shareholders’ Meeting of the Russian subsidiary PJSC Enel Russia (“Enel Russia”) resolved, in accordance with the proposal of the Board of Directors, to approve the sale of the coal-fired power plant Reftinskaya GRES to JSC Kuzbassenergo, owned by Siberian Generating Company.

The consideration for the transaction is confirmed amounting to no less than 21 billion roubles (equivalent to around 297 million euros at current exchange rates), net of Russian Federation VAT and subject to price adjustments of up to 5%; it is furthermore envisaged a contingent component of up to 3 billion roubles (equivalent to about 42 million euros at current exchange rates) to be paid within five years from sale closing, subject to specific conditions.

The sale and purchase agreement, signed between Enel Russia and JSC Kuzbassenergo on June 20th, 2019, will come into effect once Russia’s Federal Antimonopoly Service approves the transaction.

The expected timeline for the transfer of Reftinskaya GRES ownership to JSC Kuzbassenergo is within 18 months from the entry into effect of the sale-purchase agreement. 

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