Inter RAO Completes Sale of Enel OGK-5 Stake to Investor Group
OAO Inter RAO UES, Russia’s state-run power producer and exporter, completed the sale of 26.4 percent of OAO Enel OGK-5, a utility controlled by Italy’s Enel SpA (ENEL), to a group of four investors.
AGC Equity Partners, which is backed by Middle Eastern institutions, joined the Kremlin-backed Russian Direct Investment Fund, Xenon Capital Partners’ Rusenergo Fund and Macquarie Renaissance Infrastructure Fund in the $625 million private equity deal, the largest ever in Russia’s power sector, according to joint statement from the buyers.
AGC Equity Partners and Rusenergo Fund each invested $175 million, while the RDIF and MRIF invested $137.5 million each. The partners may make an additional payment depending on the return on investment, according to the statement.