Samruk-Kazyna to buy 50% of stakes in Ekibastuz GRES-2 JSC from Russian Inter RAO

AKIPRESS.COM - The National Welfare Fund Samruk-Kazyna will own 100% of stakes in Ekibastuz GRES-2, Kazakhstan Today reports. Samruk-Kazyna decided to buy 50% of stakes of the joint energy company from INTER RAO UES JSC (Russia). Thus, the Fund will become the owner of 100% of shares of the Ekibastuz GRES-2.
The deal is planned to be concluded by the end of 2019 in compliance with the road map of the project, the press office of the Samruk-Kazyna reported.
The Fund noted that Inter RAO is selling its shares in the Ekibastuz GRES-2 on an arm's length basis, however, the price of a deal may not be announced until the end of the process.
Conclusion of the deal will depend on execution of certain terms, including approval of the deal by management bodies of the sides, receiving consent from the lending banks of Ekibastuz GRES-2 on change of the stockholder and so on, the statement says.
Inter RAO reported that the decision on company's exit from the Ekibastuz GRES-2 is due to its plan to turn its focus toward the work in its key market in Russia.
"Ekibastuz GRES-2" JSC is Kazakh-Russian joint energy company located in Kazakhstan with installed capacity of 1000 MW.