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Enel transfers Russian coal-fired power plant to Siberian Generating unit

Enel SpA subsidiary Enel Russia PJSC has completed the transfer of ownership in the coal-fired Reftinskaya GRES power plant to Siberian Generating Company LLC unit JSC Kuzbassenergo.

The total transaction is valued at 20.7 billion Russian rubles, according to an Oct. 1 news release. Enel Russia said it has received the first two installments amounting to 16.7 billion rubles.

The remaining amount of the transaction will be paid when Kuzbassenergo obtains all licenses and permits necessary to operate the plant and in any case within one year. Until then Enel Russia will continue to operate Reftinskaya GRES under a lease agreement.

A contingent component of up to 3 billion rubles may also be paid within five years, subject to certain conditions. Russia's Federal Antimonopoly Service approved the transaction July 31.

As of Sept. 30, US$1 was equivalent to 64.9 Russian rubles.