The Board of Inter RAO Sells Minority Stakes in JSC TGK-6 and JSC Volzhskaya TGK

The combined value of both transactions is 22.8 billion RUB.

The transaction assumes the sale of share blocks in two stages. The first phase will include the simultaneous sale of all shares of JSC TGK-6 and 33.87 % shares of JSC Volzhskaya TGK-6. The second phase will include the sale of 7.50 % stake in JSC Volzhkaya TGK. The first stage is scheduled for completion in Q3 2013, and the second stage—for 2014.

These assets will be sold to international funds focused on the development of Russian energy industry.

“The sale of minority stakes of energy companies acquired in 2011 as a part of new stock issue is fully in line with the Minority Stake Strategy established by the Board of Inter RAO. We are fully compliant with the requirements set forth by the Federal Antimonopoly Service in 2011 demanding that we sell our stakes in TGK-6 and Volzhskaya TGK within four years,” said Ilnar MIRSIYAPOV, Head of Strategy and Investments Unit of JSC INTER RAO.” “We will use the proceeds from this sale to finance the investment program of INTER RAO.”

Inter RAO Group is a diversified energy holding focused on several segments of Russian and international electric power industry. Inter RAO is a leading Russian exporter and importer of electricity actively increasing generation and sales, and developing new lines of business. The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise and a key player in the international energy market. Inter RAO Group owns and operates 33.5 GW of installed power generation capacity.