Samruk-Kazyna JSC decided to acquire 50% stake in Ekibastuz-2 Power Station JSC from Inter RAO PJSC. Thus, the Fund will become the owner of 100% stake in Ekibastuz GRES-2. The transaction is scheduled to be completed at the end of 2019 in accordance with the Road Map for the project.
It should be noted that Inter RAO sells its share in Ekibastuz-2 Power Station under market conditions, but the price of the transaction cannot be disclosed until its completion. However, it should be stressed that acquisition of this asset is logical, given that the Fund already owns 50% share in Ekibastuz GRES-2.
In turn, the closing of the transaction depends on execution of certain conditions, including the approval of the transaction by the management bodies of the parties, obtaining the consent of the creditor banks of Ekibastuz-2 Power Station to change the shareholder, etc.In addition, Inter RAO reported that the decision on withdrawal of the company from Ekibastuz GRES-2 was due to the intention to focus on its key market - in Russia. After closing the transaction on sale of a share in Ekibastuz GRES-2, Inter RAO will have no assets in the Republic of Kazakhstan. A modernization program for generating equipment will be launched in Russia in the near future, and Inter RAO intends to be fully involved in it.