24 Jul 2009 11:58

Inter RAO expects to acquire control of Tajik hydropower station in Q1 2010

MOSCOW. July 23 (Interfax) - Inter RAO UES expects to acquire a controlling stake in Tajik Sangtudinskaya Hydropower Station in the first quarter of 2010, the company said during a web conference on Thursday.

Inter RAO will receive about 66% of shares in the hydropower plant from its parent, Rosatom state corporation, in payment for a supplementary shares. Inter RAO currently holds 2.2% of shares in Sangtudinskaya.

Inter RAO shareholders approved the private share placement at the AGM on June 25. Alongside Rosatom, which might pay for its stake with shares in the hydropower plant and cash, Vnesheconombank (VEB) and state property manager Rosimushchestvo might take part, contributing more than 25.7 billion rubles in investment.

Inter RAO will issue up to 1.6 trillion ordinary shares, boosting charter capital 600%. The share placement price has not been determined. The board of directors will decide that issue following a valuation of Rosatom's stake in the hydropower plant.

Inter RAO UES, which controls assets in Russia and abroad, imports and exports electricity. Rosatom currently owns approximately 42.5% of equity and Energoatom has another 14.8%.