Italy’s Enel announces on 1 October, the ownership of Reftinskaya GRES coal-fired power plant has been transferred from its subsidiary Enel Russia to Kuzbassenergo, owned by Siberian Generating Company.

According to Enel, the transfer was completed today following the federal registration of ownership transfer for the immovable property of Reftinskaya GRES, as set forth in the sale-purchase agreement between Enel Russia and Kuzbassenergo, entered into effect once Russia’s Federal Antimonopoly Service approved the transaction on 31 July.

With respect to the overall consideration of the transaction, amounting to 20.7 billion roubles following price adjustments (approximately €292 million), Enel Russia has so far received the first two installments for a total of 16.7 billion roubles (around €236 million), Enel said, adding that the remaining tranche of the consideration will be paid when Kuzbassenergo obtains all the licenses and permits necessary to operate the plant and in any case within one year from today. Until that time, Enel Russia will continue to operate Reftinskaya GRES under a lease agreement approved by Russia’s Federal Antimonopoly Service.

A contingent component of up to 3 billion roubles (about €42 million is also envisaged, to be paid within five years from 1 October subject to specific conditions, Enel said.