Inter RAO acquires power engineering assets of Siemens Energy in Russia

MOSCOW. Oct 14 (Interfax) - PJSC Inter RAO has acquired a 65% stake from Siemens Energy in the STGT LLC joint venture with Power Machines, two industry sources have told Interfax, and as confirmed in Inter RAO.

The company has received the necessary permits for the acquisition, according to one of Interfax's sources, and Power Machines retains 35% in the JV.

According to the Unified State Registry of Legal Entities (USRLE), the Inter RAO entity has assumed ownership of Siemens Energy's Voronezh plant, Voronezh Transformer LLC, formerly Siemens Energy Transformers LLC, part of the Siemens Energy division.

The Netherlands' RAO Intertech B.V. acquired the enterprise, with the corresponding changes entered in the USRLE on October 11. The enterprise's previous owner was Germany's Siemens Energy Global GmbH & Co. KG.

Inter RAO has confirmed both transactions to Interfax, noting that in the first instance, "the group has acquired control of a 65% stake in the company that wholly owns STGT LLC."

A company representative told Interfax that, "organizing inspections of foreign-manufactured gas turbines, which is currently not possible because of the departure of specialists and companies, is among the current goals of the acquisition."

"Manufacturing high-quality transformers adds synergy to our engineering assets acquired in 2021, as they are also engaged in constructing power grid facilities. Indeed, the former owner considered Voronezh transformers to be the best in the world among those that it produced. We will see the effect of the transactions a little later, though it must be emphasized that there will be high demand for modern turbines and transformers in the near future, and services are necessary for all energy companies that have foreign generating equipment installed," the company said.

Interfax has sent a request to Siemens Energy, but has not yet received a response.