PRESS: Renova can cede T Plus to Gazprom JV, get blocking stake

MOSCOW, Jul 12 (PRIME) -- Owner of group Renova Viktor Vekselberg, now under the U.S. sanctions, wants to cede power producer T Plus to a joint venture (JV) with Gazprom and receive a blocking stake in it, business daily Kommersant reported on Thursday, citing sources with knowledge of the matter.

According to the sources, Renova has presented a layout of the energy assets merger to Gazprom’s energy unit Gazprom Energoholding this week. Under the plan, Renova would contribute T Plus with a capacity totaling 15.8 gigawatts and would get a blocking stake in the joint venture, which it could sell to Gazprom in 2022–2025.

“Renova wants a clear-cut dividend flow from the deal,” a source said.

Renova is also are under the U.S. sanctions. Renova’s aim is to counter the sanctions with this deal, Alyona Bachinskaya, project executive at law firm S&K Vertikal said.

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