DTEK Signs to Acquire Stake in Dniproenergo
OREANDA-NEWS. March 19, 2012. DTEK signed an agreement with the State Property Fund of Ukraine on the acquisition of a 25% stake in Dniproenergo. The stake was sold for UAH 1,179.7 million, which is UAH 5.4 million more than DTEK offered at a privatization auction held on January 11, 2012. DTEK now holds 72.9% of shares in the generation company.
The shares were evaluated by an independent appraiser as of March 1, 2012. The starting price of the stake set by the State Property Fund was UAH 1,174.0 million. Payment for the stake has been already transferred to the state budget.
Dniproenergo is one of the largest heating and electricity producers in Ukraine. The installed capacity of the company’s power plants is 8,185 MW: Zaporozhskaya TPP (3,600 MW), Krivorozhskaya TPP (2,820 MW) and Pridneprovskaya TPP (1,765 MW). The fuel consumption of Dniproenergo’s power plants per kilowatt-hour of electricity is one of the lowest in Ukraine.
“Five years of close cooperation between our DTEK and Dniproenergo has proved that Dniproenergo can unlock its potential by using DTEK’s coal, investments and experience. DTEK plans spend UAH 6 billion to retrofit Dniproenergo’s 10 power units, and develop feasibility studies for the construction of new power units. In addition, DTEK Oil & Gas will explore the possibility of providing cheap fuel to the company’s oil and gas units, which have been idled. I believe that our experienced staff will transform the company into a leader on the European energy market,” said Maxim Timchenko, CEO of DTEK.
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