OREANDA-NEWS. August 24, 2007. Eurosibenergo, a subsidiary of Basic Element, eyes getting a controlling stake in Territorial Generating Company-1 (TGC-1) during its upcoming share offering, reported the press-centre of Eurosibenergo.

This month, TGC-1 will offer newly issued shares representing 40% of its enlarged capital. Power monopoly UES also plans to sell a part of its 55,7% stake in TGC-1. According to TGC-1 chief executive Valery Rodin, Gazprombank, the banking arm of gas major Gazprom, also expressed interest in buying a stake in TGC-1.

Domestic metals major Norilsk Nickel owns 7,37% in TGC-1 and Finnish power company Fortum holds 25,5%. St. Petersburg-based TGC-1 operates 55 electric power plants in the city of St. Petersburg as well as in Karelia , Leningrad and Murmansk regions. The plants’ total annual power capacity makes up 6,248MW. Eurosibenergo is engaged in investment projects in power industry. It manages the electric power business of Basic Element group, controlled by Oleg Deripaska.