IES Holding to maintain investment program at 30 bln rubles in 2014
BEREZNIKI. Nov 12 (Interfax) - IES Holding, the power industry division of Renova Group, will maintain its investment program at this year's level in 2014, CEO Boris Vainzikher told Interfax.
"We have about 30 billion rubles this year, and next year about 30 billion rubles in total," Vainzikher said.
He said the program will be financed by the company's own funds and borrowing. The main projects for which funding is being earmarked are the construction of new combined-cycle units at Kirov CHPP-3, Izhevsk CHPP-1 and Vladimir CHPP-2 under capacity supply agreements. The company also has two modernization projects.
"We're moving according to plan, there are no deviations," Vainzikher said.
The Renova Group is prepared to invest up to a fifth of the proceeds from the sale of its stake in oil company TNK-BP in the electricity sector, the group's principal owner, Renova's owner, Viktor Vekselberg, has said.
"About 15-20% will be channeled into the electricity sector overall," Vekselberg said, adding that he was "not prepared to name specific figures."
Renova was due $7 billion of the $28 billion that state oil major Rosneft is paying for the AAR consortium's 50% stake in TNK-BP . Therefore, Renova could invest $1 billion-$1.5 billion of this money in the electricity sector.
Renova's principal electricity division is IES Holding, which owns strategic stakes in generating companies TGK-5 , TGK-6 , TGK-7 and TGK-9 .
Renova also owns solar power companies Hevel Solar and Avelar Energy.
Vekselberg said earlier that he plans to invest part of the TNK-BP proceeds in his electricity business, and $1 billion in new projects in Russia, including engineering and new technologies.
