CEO says T Plus establishes JV with Hevel with 15–16% stake

MOSCOW, Aug 28 (PRIME) -- Russian power producer T Plus is establishing a joint venture (JV) with Hevel with its stake tentatively at 15–16%, CEO Andrei Vagner told reporters on Friday.

 "We are also talking today about the decisions for the solar assets. We are about to establish a joint venture with Hevel. Our assets… about 1,500 megawatts of total capacity will become part of it, I am speaking about the already built capacity, one in construction and one existing as an obligation for the next few years,” he said.

“We believe and understand that the advent of such a large player is a brand new level… of cooperation with the company. The process has been launched and we will become a shareholder in the company."

The official said that the process will be completed in three to four months.

Vagner separately said that T Plus is to consolidate some of its thermal power grid assets, the stakes of minority shareholders will be converted in T Plus stakes during the issuance of additional shares. "The board of directors has decided to merge some companies of secondary importance. Those are … mainly thermal power grids, and we have decided to merge them," he said.

According to the official, electric power and capacity sales will decrease by 5–6% in 2020. In January–June, the power sales revenue decreased by 14% to 30.9 billion rubles, capacity sales by 3.5% to 24 billion rubles.

T Plus has no plans to change the dividend policy stipulating that it pays 50% and more of the net profit under Russian Accounting Standards (RAS), he said.

The company has no plans of an initial public offering (IPO) either, he said.  

(75.2354 – U.S. $1)

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