OREANDA-NEWS. July 6, 2007. IES-Holding in pursuance of its strategy has consolidated a shareholding in OJSC Volga Territorial Generating Company (TGC-7). Twenty-three per cent of its shares at present belong to IES-Holding structures. Considering the fact that the shares were purchased before the division of the regional power company, the IES-Holding structures simultaneously consolidated significant shares in power distribution grid companies and in power sales companies located in the regions of Samara, Saratov, and Ulyanovsk.     

Volga TGC is the second largest Russian territorial generating company in terms of capacity with 6,879.7 MW for electric power and 30,687.2 Gcal/h for heat. Its power plants are located in industrially developed regions with a good potential, including major industrial centres such as Togliatti, Samara, Saratov, and Orenburg.

IES-Holding already has some assets within the area of TGC-7's operations. The company purchased 100% of shares of Orenburgenergosbyt ("Orenburg Power Sales") at an auction in May. In the near future, IES intends to take part in Volga TGC's additional share issue. 

"During the past 18 months, the holding company has been consistently moving towards consolidating a significant shareholding in TGC-7 by purchasing shares of companies forming the basis for Volga TGC on the exchange and over-the-counter market," noted Mikhail Slobodin, president of IES-Holding. "The subsequent increase of the company's share in the TGC-7 authorised capital will enable IES-Holding to considerably expand its business and become one of the largest Russian power companies."