INTER RAO UES Group Completed Acquisition of a Power Generation Asset in Turkey

The stake was acquired for USD 67.5m.

The asset represents a modern CCGT power plant with installed capacity of 478MW and a contracted position via a long-term power purchase agreement (PPA) and gas supply agreement (GSA). The transaction obtained necessary approvals from the Department of Energy and Natural Resources, and from the Competition Authority of Turkey.

Raiffeisen Investment acted as financial advisor to INTER RAO UES Group on the transaction. Legal support on the transaction was provided by Linklaters (UK) and Hergüner Bilgen Özeke (Turkey). Financial and tax due diligence of the asset was performed by Deloitte. For acquisition financing purposes INTER RAO UES Group secured a mid-term loan facility from ING Bank N.V.

“The Turkish energy market is one of our core markets in terms of implementation of INTER RAO UES Group’s international strategy”, - the Chairman of the Management Board of the company Boris Kovalchuk declared. - “The acquisition of the Trakya power plant will allow us to strengthen our presence on the attractive Turkish market and will provide us with opportunities for further development of the company in the region”.