OREANDA-NEWS. The Board of Directors of RAO "UES of Russia" approved the proposals on the preparation for carrying out additional share issues by OAO "WGC-1", OAO "WGC-2", OAO "Southern Generation Company – TGC-8" ("SGC TGC-8"), and OAO "Kuzbassenergo" ("TGC-12").

By issuing these shares, OAO "WGC-1", OAO "WGC-2", OAO "SGC TGC-8", and OAO "Kuzbassenergo" (TGC-12) primarily seek to raise funds to finance their investment programmes to construct new and upgrade the existing capacity.

The investment projects to be implemented by the above generation companies will be also financed from the depreciation reserves, retained earnings and borrowings.

The Board of Directors of RAO "UES of Russia" instructed the Management Board of the Company to submit for consideration at the next Board meeting a mechanism designed to determine an optimal quantity of additional shares to be issued by WGCs and TGCs so as to ensure implementation of their investment programmes, taking into account the results of the share offerings completed by OAO "WGC-5" and OOA "WGC-3".