16 Oct 2009 18:07

TYGK-4 genco, Onexim, Dalkia to form heat generation JV

MOSCOW. Oct 16 (Interfax) - The TGK-4 generating company, Mikhail Prokhorov's Onexim Group and France's Dalkia International S.A. have signed a memorandum to form a joint venture on the heat generating market, the group said in a statement.

Dalkia will own 50% plus one share, and TGK-4, in which Onexim owns a 50.3% voting stake (48.4% issued shares), will own 50% minus one share in the joint venture, which will manage and develop assets in the fields of heat generation, transportation and distribution in Russia.

The joint venture should be formed during the first quarter of 2010, once regulatory approvals have been received and an inventory made of TGK-4's heat generating assets in the Kursk region. The business plan also needs the approval of the Kursk regional authorities.

The joint venture plans to launch a pilot project in the Kursk region in 2010, and if this is successful it will be repeated in all regions where TGK-4 has a presence. Planned annual revenue is $1 billion by 2015.

TGK-4 controls combined heat and power plants in ten regions of central Russia with overall capacity of 3,300 megawatts of electricity and 17,600 Gcal/h heat.