German utility E.ON has acquired a majority stake in the Russian power plant company OGK-4.

Wulf Bernotat, E.ON’s CEO, and Anatoly Chubais, president of the Russian state-run energy holding UES, have signed the final resolution at the German-Russian consultation meeting in Wiesbaden in the presence of Russian president Vladimir Putin and German chancellor Angela Merkel.

In capital terms, including the capital increase, E.ON now holds 69.34% of OGK-4. The price of the acquisition amounted to E4.1 billion.

Wulf Bernotat, E.ON’s CEO, said: We are delighted to have been able to expand our more than 30-year-long partnership with Russia in the gas business to now include the Russian electricity market. A market which is not only one of the world’s largest but also among the fastest growing.

The OGK-4 power plant fleet is already one of the most productive and attractive in Russia and we are going to be expanding it still further in the coming years. This is going to secure energy supply, which is the backbone of Russia’s industrial growth and increasing wealth.