19 Apr 2023 17:39

NordEnergoGroup sells Croatian asset previously bought by EMAlliance in 2011

MOSCOW. April 19 (Interfax) - NordEnergoGroup LLC last year exited its Croatian asset, Duro Dakovic TEP, the producer of boiler and heat exchange equipment, according to the Russian company's financial statements.

The EMAlliance entity acquired the asset for approximately 35 million euros in 2011 from the Austrian Energy & Environment holding.

NordEnergoGroup reflected proceeds from the sale of the Croatian asset totaling 2.3 billion rubles in the financial statements.

Austria's Andritz concern at the end of last year announced acquiring Duro Dakovic TEP, without naming the seller and the amount of the transaction. According to the statement, Duro Dakovic TEP generates around 60 million euros in revenue per annum.

Founded in March 2019, NordEnergoGroup manages the power engineering and electrical assets of Alexei Mordashov's Severgroup, specifically including the Taganrog-based Krasny Kotelschik boiler-manufacturing plant, the Kaluga Turbine Plant, and the Rheostat plant.