Enel Rossiya : Russia board of directors called extraordinary general shareholders meeting to approve Reftinskaya GRES sale

Other key terms and conditions of the transaction recommended by the company's Board of Directors to the Extraordinary General Shareholders' Meeting include the price, which shall be no less than 21 billion roubles (net of Russian Federation VAT) and is subject to price adjustments of up to 5%, and on top of that a contingent component of up to 3 billion roubles total payable within 5 years from completion subject to specific conditions.

The Extraordinary General Shareholders' Meeting of the company has been convened in the form of in-absentia voting for July 22^nd, 2019, while the record date is June 27^th, 2019. The expected timeline for the transfer of Reftinskaya GRES ownership to JSC 'Kuzbassenergo' is within 18 months from the entry into effect of the sale-purchase agreement. The sale is also subject to the approval from the Russian Federal Antimonopoly Service.

The 3,800 MW Reftinskaya GRES facility is the biggest coal-fired power plant in Russia, owned by Enel Russia and located in Reftinsky settlement, Sverdlovsk region. The power plant consists of six 300 MW units and four 500 MW units, while the installed thermal capacity amounts to 350 Gcal/h. Reftinskaya GRES is able to meet around 40% of the total electricity consumed in the Sverdlovsk region.

Kuzbassenergo, a Kemerovo-based Russian energy company, is a subsidiary of SGC, one of the leading operators in the Russian electricity and heat markets. SGC has a total installed capacity of 10.9 GW and a thermal capacity of 23,900 Gcal/h, as well as a heat distribution network totalling 9,624 km in length. SGC power plants produce about 23-25% of the heat and power generation in the Siberian energy system.