New owners of Ural Turbine Works put down 100% of their shares as deposit for Inter RAO

MOSCOW. July 18 (Interfax) - Moselektroshchit and the Kovrov Electrotechnical Plant, owned by Alexander Plakida, have transferred their 100% stake in UTZ Aktiv LLC (Ural Turbine Works) as a pledge to the structure of Inter RAO's Active-Energy LLC.

The encumbrance date is June 30, 2023, according to the Unified State Register of Legal Entities.

"We have completed negotiations with Moselektroshchit and are currently structuring the deal to acquire UTW. Power engineering, as we have previously indicated, is our direction of strategic development," an Inter RAO representative told Interfax, commenting on the changes.

In April 2023, manufacturer of electrical equipment Moselektroshchit acquired the Ural Turbine Works, the country's largest manufacturer of steam turbines, from a division of Renova. UTW specializes in the production of steam turbines, service and modernization of steam and gas turbines.

The transaction could be worth about 10 billion rubles, Kommersant said.

The purchase of UTW will not be Inter RAO's first deal in the power engineering market. In 2022, Inter RAO bought out Siemens Energy's 65% stake in Siemens Gas Turbine Technology and Voronezh Transformer LLC (former Siemens Energy Transformers LLC). In 2021, the energy holding spent 46.9 billion rubles for the purchase of 11 engineering companies and the Sigma IT company.