Mosenergo raises stake in OGK-Investproyekt to 90.5%
MOSCOW. Aug 20 (Interfax) - OGK-2's stake in OGK-Investproyekt LLC, a special purpose vehicle engaged in financing construction of the fourth power block at the Cherepovets district power plant (Cherepovets GRES), has declined from 49% to 9.49% after Mosenergo paid up an increase in the SPV's charter capital, OGK-2 said in its first half IFRS earnings report.
Mosenergo's stake in OGK-Investproyekt has increased to 90.5%, an OGK-2 spokesman told Interfax.
Shareholders in OGK-Investproyekt approved the charter capital increase at an extraordinary meeting on January 17, 2013, and the amendments to the charter were registered on July 26, 2013. "Beginning on that date, OGK-Investproyekt is no longer an associated enterprise of the OGK-2 group," the report says.
Mosenergo owned 51% of OGK-Investproyekt and OGK-2 had 49% as of October 2012, according to the SPARK-Interfax database. Mosenergo first took a stake in the company, a 100% subsidiary of OGK-2, that year with the goal of investing available resources in the project under a capacity provision agreement after OGK-2 experienced difficulties financing the project.
The project to add a fourth power block at Cherepovets GRES, a compulsory investment project for OGK-2, was to be financed 70% with borrowed funds and 30% via the SPV. Denis Fyodorov, the head of Gazprom Energoholding, which controls both Mosenergo and OGK-2, said the Mosenergo would initial provide the capital for implementing the project and OGK-Investproyekt would provide the borrowed funds.
Construction of the 420-megawatt block at Cherepovets GRES is estimated at 20 billion rubles. Mosenergo will be the eventual owner of the new capacity, which will deliver electricity to OGK-2 under an agency agreement.
Cherepovets GRES currently has 620 MW of installed capacity. It is located 60 kilometers west of Cherepovets.