16 Jun 2022 20:07

Enel selling stake in Enel Russia to Lukoil and Gazprombank-Frezia fund

MOSCOW. June 16 (Interfax) - Enel is selling its 56.43% stake in PJSC Enel Russia to Lukoil and the Gazprombank-Frezia fund, the Italian company said.

According to a filing with the Italian Stock Exchange, or Borsa Italiana, the company has signed two separate agreements with the buyers for an overall $135 million.

Closure is expected in Q3 and depends on a number of conditions, including a decision by the Russian government's foreign investment commission and the Federal Anti-monopoly Service.

Reuters quoted Enel Chief Executive Francesco Starace on Wednesday as saying the company was close to selling its Russian assets. "A few more weeks and we should be there," Starace said.

Enel Russia currently includes three gas-fired power plants - Konakovskaya GRES, Nevinnomysskaya GRES, and Sredneuralskaya GRES - as well as a commissioned wind farm in the Rostov region. A wind farm in the Murmansk region will be 85% complete in July and 100% in October this year, while a wind power project in the Stavropol Territory has been canceled. The main shareholder of Enel Russia is Italy's Enel S.p.A. with a 56.43% stake.