Inter RAO finishes consolidating generating assets by merging OGK-1, OGK-3
MOSCOW. Oct 1 (Interfax) - The list of generating companies spun off from RAO UES of Russia during industry reforms has been reduced by another two items - on October 1, OGK-1 and OGK-3 ceased to exist, as they were merged to their controlling company Inter RAO UES .
All of the two OGKs' capacities have been moved to the balance sheet of 100% Inter RAO subsidiary LLC Inter RAO - Electric Power Plants. Now, besides the second Kaliningrad Combined Heat and Power Plant (CHPP), the North-West CHPP, the Sochi CHPP and the Ivanov Combined-Cycle Gas Turbines, the Inter RAO subsidiary also includes the Perm, Verkhnetagilsk, Kashirskaya, Urgenoy and Iriklinskaya State District Power Plants (GRES) and 75% of the Nizhnevartovskaya GRES, and the Kostroma, Pechora, Cherepets, Kharanor, Gusinoozyorsk and Yuzhnouralsk GRES.
Inter RAO - Electric Power Plants now has installed capacity topping 20 GW. In addition, in the framework of the reorganization, it now includes Inter RAO - Energiya and Inter RAO - Energoaktiv, which own insignificant minority stakes in electricity companies in whose capital Inter RAO has direct participation.
In order to consolidate these power generating assets, the holding will conduct an additional issue of 7,958,113,845,013 shares, par value 0.02809767 rubles each. Minority shareholders' stakes in the merged companies have been converted into shares.
OJSC First Generating Co. and OJSC Third Generating Co. were split off from the make-up of OGK-1 and OGK-3, and the assets and liabilities of these originating companies were transferred to the new companies. As this was being done, the companies were joined to OJSC Inter RAO - Electric Power Plants and OGK-1 and OGK-3 were merged to Inter RAO.
In parallel, there are plans to merge Bashenergoaktiv (Bashenergo's generation) to Inter RAO.
At an extraordinary meeting at the end of April, Inter RAO's shareholders approved the company's reorganization via an asset merger, including OGK-1, OGK-3 and Bashenergoaktiv.