DUSHANBE, September 27, 2010, Asia-Plus — Open joint-stock company (OJSC) Sangtudinskaya GES-1, which operates the Sangtuda-1 hydroelectric power plant (HPP), and OJSC Inter RAO YeES (the Unified Energy System of Russia) are currently working on changing structures and the size of the authorized capital of the company, according to OJSC Sangtudinskaya GES-1.
“The process of consolidation of some 70 percent of the shares in Sangtudinskaya GES-1 by OJSC Inter RAO YeES will start in the near future and thereby OJC Inter RAO YeES will become the main shareholder of the Sangtuda-1 HPP,” said the source, “The next stage stipulates increase in the ownership interest of the Government of Tajikistan in the authorized capital to 25%+one share through additional emission of the Sangtudinskaya GES-1 shares.”
The date of completion of this process is still unknown, the source added.
Inter RAO YeES that now owns 2.18 percent of the shares will acquire Rosatom’s equity stake (67.3 percent) in the company.
Russian-Tajik OJSC Sangtudinskaya GES-1 was established to complete the construction of the Santuda-1 power plant with capacity of 670 megawatt in February 2005. An agreement on the establishment of the company was signed by Russia’s Inter RAO YeES and the Ministry of Energy and Industries of Tajikistan in Dushanbe on February 16, 2005. The Sangtudinskaya GES-1’s authorized capital now reportedly exceeds 2.8 billion somoni.
As of February 1, 2010, Tajikistan owned 15.97 percent in the company, including 0.003 percent of shares (25 shares) owned by the Government and 15.969 percent ownership interest (133,151 shares) assumed by the Ministry of Energy and Industries, and Russia’s stake in the company amounted to 84.03 percent, with 67.37 percent equity stake (561,944 shares) of Rosatom, 14.48 percent ownership interest (120,780 shares) assumed by Russia’s Federal Grid Company of Unified Energy System JSC and 2.18 percent (18,216 shares) owned by Inter RAO YeES.
Founded in May 1997 as a subsidiary of RAO YeES with the purpose of consolidating energy generation and sales in foreign markets (former Commonwealth of Independent States, Scandinavia, China etc.), Inter RAO YeES (OJSC) is a Russian energy company engaged in power generation and electricity trading. The company was formed in May 1997.
It started operations only in 2000.
In 2002 it expanded into international energy sales, and in 2003 invested US $350 million in foreign assets, notably the power plants in Georgia. In 2003, 40% of shares was sold to Rosenergoatom. More acquisitions of foreign assets followed in Finland (2004), Tajikistan and Moldova (2005), and Armenia (2006).
Rosatom Nuclear Energy State Corporation (Rosatom) is a State Corporation in Russia, the regulatory body of the Russian nuclear complex. It is headquartered in Moscow. Rosatom controls nuclear power holding Atomenergoprom, nuclear weapons companies, research institutes and nuclear and radiation safety agencies. It also represents Russia in the world in the field of peaceful use of nuclear energy and protection of the nonproliferation regime.
