Enel officially closes the sale of the maxi coal-fired Reftinskaya GRES plant in Russia to the Russian company JSC "Kuzbassenergo", controlled by Siberian Generating Company (SGC). The agreement was anticipated by a press release of June 6th, in which the seller, namely the subsidiary Enel Russia, had communicated that the sale price it would have been no less than 21 billion rubles (equivalent to approximately 286 million euros at the current exchange rate), net of VAT and subject to possible adjustments up to 5%.
The group had already explained that the sale of Reftinskaya GRES "is perfectly in line with Enel's global growth strategy, focused on the pursuit of a more sustainable business model". Enel will therefore continue its investments in Russia focusing on renewables, advanced energy services and modernization of the thermoelectric plants currently in operation.
The agreement concluded with Kuzbassenergo will become effective once the transaction has been approved by the Russian Federal Competition Authority, and the terms and conditions of the transaction have been approved by the extraordinary shareholders' meeting of Enel Russia, convened for July 22, 2019. The expected time horizon for the transfer of ownership of Reftinskaya GRES to JSC “Kuzbassenergo” is no more than 18 months from the moment the purchase agreement becomes effective.
