Enel Russia Signs Sale-Purchase Agreement With Kuzbassenergo

Date : 06/20/2019 @ 6:14PM
Source : Dow Jones News
Stock : Enel (ENEL)
Quote : 6.288  -0.271 (-4.13%) @ 4:35PM

Enel Russia Signs Sale-Purchase Agreement With Kuzbassenergo

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   By Anthony Shevlin 
 

Enel SpA (ENEL.MI) said Thursday that its Russian subsidiary signed a sale-purchase agreement with Kuzbassenergo (KZBE.RS) for the disposal of the Reftinskaya coal-fired power plant.

The Italian power company said the consideration for the plan is an initial payment of 286 million euros ($320.6 million) plus a further EUR41 million over the next five years, subject to conditions.

With an installed capacity of 3,800 megawatts, Reftinskaya is the biggest coal-fired power plant in Russia. The sale is in line with Enel's strategic shift toward a more sustainable model based on renewables, the company previously said.

The expected timeline for the transfer of the plant to Kuzbassenergo is 18 months from the entry into effect of the sale-purchase agreement, which is pending Russia's Federal Antimonopoly Service approval.

Enel Russia must also agree to the terms and conditions at a shareholder meeting on July 22.

 

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

 

(END) Dow Jones Newswires

June 20, 2019 12:59 ET (16:59 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.


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