State-run power generator and exporter Inter RAO UES could buy “more than one” plant from RWE to expand into Europe as the German utility sells assets to weather a withdrawal from nuclear energy.
“There are assets that today provoke, if not excitement, then vivid interest,” Ilnar Mirsiyapov, a management board member and head of strategy and investments at the Moscow-based utility, told reporters in Moscow on Wednesday. “We are looking at the best assets.”
Inter RAO, which seeks to rank among the world’s 10 biggest utilities by capacity by 2020, wants to diversify into Europe, the Balkans, Turkey, Latin America and Southeast Asia. The utility outlined expansion plans last year and hasn’t yet completed an acquisition outside Russia.
The Russian utility and power exporter may borrow 1.65 billion euros ($2.2 billion) from banks to help fund acquisitions, Mirsiyapov said. The possibilities include “more than one” power plant from RWE, Germany’s second-biggest utility, he said. Gazprom in December ended exclusive discussions with the Essen-based company about a joint power venture.
RWE is looking to cut debt and fund projects after Germany decided to close all its nuclear reactors by 2022. The company plans 11 billion euros of asset sales.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
