“Lukoil” received control in the energy company “EL5-Energo”
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Same “Lukoil” made an offer to minority shareholders of EL5-Energo to buy out the remaining shares (15.41 billion shares, or 43.6%) at 0.48 rubles. a piece. Thus, the buyback of shares will require up to 7.4 billion rubles. The deadline for accepting this proposal is 70 days from the date of its receipt by the energy company.
According to the St. Petersburg Stock Exchange, the shares of EL5-Energo on January 9 fell by 4.42% compared to the closing price of the previous day and traded at 0.545 rubles. per share.
After the strengthening of anti-Russian sanctions in 2022, the Italian Enel decided to sell its 56.43% stake in the Russian subsidiary Enel Russia. In June, Enel announced a deal to sell the asset, but it was frozen due to Russian presidential decree No. 520 of August 5, 2022. Foreign investors were prohibited from selling assets in the Russian energy sector without special permission from the head of state.
At the end of September, permission for the deal was received, and it was closed in October. As a result, Lukoil and Gazprombank-Freesia (Gazprombank’s structure) received 26.9% and 29.5% of Enel Russia shares, respectively. The deal amounted to about 137 million euros.
Enel has sold all of its generating capacity in Russia: 5.6 GW of conventional generation (three large hydropower plants) and 300 MW of wind power. Enel estimated the loss from the sale of a stake in Enel Russia at 527 million euros, according to the company’s financial statements for the first half of 2022. In December, Enel Russia was officially renamed EL5-Energo.
January 9 reports from EL5-Energo and Lukoil do not disclose whose shares were bought out by the oil company. But the percentage of repurchased shares exactly corresponds to the share that Gazprombank-Freesia received as a result of the transaction (29.5%). The representative of EL5-Energo declined to comment, Lukoil and Gazprombank did not respond to Vedomosti’s requests.
As Vedomosti wrote, earlier, due to anti-Russian sanctions, Enel Russia also had problems with the supply of equipment for wind farms (see issue dated August 19, 2022). Enel Russia filed a lawsuit to recover 22.9 billion rubles. with Siemens Gamesa Renewable Energy (daughter Siemens Gamesa in Russia). According to Enel Russia, Siemens Gamesa wrongfully refused to supply equipment for the 201 MW Kola WPP. The court imposed interim measures on the disputed property located on the territory of the WPP construction site, but later the Court of Appeal refused Enel Russia to take interim measures.
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