Italy\’s Enel, Russia\’s RAO in a deal for stake in Bulgarian power station
Enel and Russian power grid monopoly RAO EES have agreed for the Italian utility to acquire a 49% stake in Bulgaria\’s power station in Varna, reports The Deal website.
News agency Reuters also recently reported that RAO planned to sell 49% of the Varna power plant, Bulgaria\’s second-largest, to Enel once the Russian company\’s completes the 579 mln euro ($702 mln) purchase acquisition.
Bulgaria\’s Privatisation Agency and RAO endorsed the privatisation […]
Enel and Russian power grid monopoly RAO EES have agreed for the Italian utility to acquire a 49% stake in Bulgaria\’s power station in Varna, reports The Deal website.
News agency Reuters also recently reported that RAO planned to sell 49% of the Varna power plant, Bulgaria\’s second-largest, to Enel once the Russian company\’s completes the 579 mln euro ($702 mln) purchase acquisition.
Bulgaria\’s Privatisation Agency and RAO endorsed the privatisation contract for the 1,260MW power plant a week ago and it is now pending approval by the supervisory board of the sell-off authority.
RAO EES will initially acquire 51% of the TPP for 198.9 mln euro. The new owner will then raise the capital of the company by 189 mln euro and come into possession of 67% of the plant. The Russian company can acquire the remaining 33% no later than July 1, 2007 for 190.8 mln euro. The transaction will Enel is likely to happen during the buyout of the residual equity. The Italian company could also participate in the capital raise.(Dnevnik)
