Enel S.p.A. (“Enel” or “the Company”) announces that the Board of Directors of its Russian subsidiary Enel Russia PJSC (“Enel Russia”) has called an Extraordinary Shareholders’ Meeting for July 22nd, 2019, to approve the sale of coal-fired power plant Reftinskaya GRES.


Image: Reftinskaya GRES power plant. Photo: courtesy of RGRES employeers/Wikipedia.org.

The relevant sale-purchase agreement is to be signed by Enel Russia, as the seller, and JSC “Kuzbassenergo”, owned by Siberian Generating Company, as the purchaser.

In line with Enel Russia Board recommendations, sale price for Reftinskaya GRES shall be no less than 21 billion roubles (equivalent to around 286 million euros at current exchange rates), net of VAT and subject to adjustments of up to 5%; on top of that, a contingent component of up to 3 billion roubles (equivalent to approx. 41 million euros) is envisaged, payable within five years from sale closing and subject to specific conditions.

The disposal of coal-fired Reftinskaya GRES perfectly fits with the Enel Group’s global growth pattern focused on pursuing a more sustainable business model. Enel is furthering its investments in Russia by bringing the energy transition to its operations in the country and shifting Enel Russia’s technology mix through continued investment in renewables, advanced energy services and modernisation of existing thermal generation plants.

The expected timeline for the transfer of Reftinskaya GRES ownership to JSC “Kuzbassenergo” is within 18 months from the entry into effect of the sale-purchase agreement.

The sale is also subject to the approval from the Russian Federal Antimonopoly Service.

The 3,800 MW Reftinskaya GRES facility is the biggest coal-fired power plant in Russia, owned by Enel Russia and located in Reftinsky settlement, Sverdlovsk region. The power plant consists of six 300 MW units and four 500 MW units. Reftinskaya GRES is also able to meet around 40% of the total electricity consumed in the Sverdlovsk region.

Source: Company Press Release