Kazakhstan’s wealth fund says to buy power station from Inter RAO

NUR-SULTAN, Jul 24 (PRIME) – Kazakh Sovereign Wealth Fund Sumruk-Kazyna will buy 50% of the Ekibastuzskaya GRES-2 regional power station from Russia’s Inter RAO, the fund said on Wednesday.

“Sovereign Wealth Fund Sumruk-Kazyna has decided to buy a 50% share in Ekibastuzskaya GRES-2 regional power station from Inter RAO. This will make the fund the sole owner of 100% in the station,” the fund said in a statement. “The deal will be completed until the end of the year in accordance with the project’s road map.”

It also said that Inter RAO sold the stake at a market price, but the sum of the deal cannot be disclosed before its completion.

“The acquisition is only logical because the fund already owns 50% in Ekibastuzskaya GRES-2. In its turn, the closure of the deal depends on some conditions, including approval by the management of each company, by creditor banks of Ekibastuzskaya GRES-2 of the change of the shareholder.”

Inter RAO’s board of directors has approved the deal with company head Boris Kovalchuk saying in April that the firm plans to sell the stake until the end of the year.

The statement said that Inter RAO wants to get rid of the non-core asset to focus on its core market, Russia.

“After the sale of Ekibastuzskaya GRES-2 has been closed, Inter RAO will have no assets in the Republic of Kazakhstan. A generation modernization program will soon start working in Russia and Inter RAO plans to participate in it actively.”

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