Enel Russia and Kuzbassenergo signed Reftinskaya GRES sale-purchase agreement

Moscow, June 20th, 2019 – Today PJSC “Enel Russia” and JSC “Kuzbassenergo”, owned by Siberian Generating Company (SGC), signed a sale-purchase agreement on the disposal of Reftinskaya GRES coal-fired power plant from Enel Russia to Kuzbassenergo.

The sale of Reftinskaya GRES includes all of its property, namely movable and immovable assets, stocks of coal, raw materials and spare parts.

The sale and purchase agreement shall enter into effect once the following two conditions are met: (i) the Federal Antimonopoly Service of Russian Federation greenlights the transaction and (ii) the terms and conditions of the transaction are approved by Enel Russia shareholders at its Extraordinary Shareholders’ Meeting to be held on July 22nd, 2019. The sale price of the transaction shall be no less than 21 billion roubles, net of Russian Federation VAT and subject to price adjustments of up to 5%; additionally, a contingent component of up to 3 billion roubles shall be payable within five years from sale closing, subject to specific conditions.

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.

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 consumed 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.

Enel Russia and Kuzbassenergo signed Reftinskaya GRES sale-purchase agreement

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