OREANDA-NEWS. On 11 August 2009 was announced, that Oleg Deripaska consolidates the generating, sales and extracting power companies.

Olge Deripaska decided to create the major private power company in Russia. The capacity of his “Eurosibenergo” will be 40% more than Viktor Vekselberg’s “IES Holding” has.

Mr. Deripaska is one of the first investors of the Russian power sector, but till the present moment, his power assets were separated. Now the businessman decided to create the power holding: JSC “Eurosibenergo” subordinate to it has already consolidated the major part of the assets, announced En+Group.

The company acquired 50.19% of “Irkutskenergo”, LLC “Avtozavodskaya Thermal Power Station”, LLC “Eurosibenergo-engineering”, 100% of shares of two selling companies – “Volgaenergosbyt” and “Marem+” enumerated the representative of En+ Group. “Eurosibenergo” got several coal assets including 100% of CJSC “Resursserviceholding”, the parent company of “Vostsibugol”, which annual coal output is almost 12 million tons. LLC having the same name was included into JSC “Eurosibenergo” which since 2001 have been operating Deripaska’s assets. In 1.5-2 months the Company will get 68.26% of shares of Krasnoyarsk Hydro Power Plant – second major company in Russia, said the representative of the Company.

As a result the settled capacity of “Eurosibenergo” will account for 19.5 GW of power and 17,570 Gcal/h of heat. And Deripaska’s company will be the third major electric power company in the country following the state “Energoatom concern OJSC” and “JSC RusHydro”. Now the major private power company of Russia – “IES Holding”, the capacity of its stations – 13.77 GW. By its heat capacity, Deripaska’s company is less power full than IES, which stations can output 67.8 Gcal/h.

“Eurosibenergo” was created in 2008. Now it belongs to several structures of En+ Group says the representative of the latter. But in the near future the head company of “Eurosibenergo” will be En+ Power registered in the island of Jersey in May 2008 (its sole shareholder  - En+  Group),  according to the documents of the registering chamber of Jersey. A year ago, En+ Power got the approval of antimonopoly service for consolidation of power and coal assets, says the representative of Federal Antimonopoly Service.

Consolidating the assets, “we create the transparent and clear structure of the company and increase the level of the corporate governance” , explains the representative of En+ Group.

It seems that Deripaska consolidates the assets to find the investor, thinks Mikhail Rasstrigin, Financial Accountant of “VTB capital”. It will scarcely be IPO, but the private placement of En+ Power – till the blocking pack of shares, thinks the expert. Such a variant is possible, announces the source close to En+ Group. The Company needs money, in particular, for the financing of the large scale investment program of “Irkutskenergo” till 2020 which amount was assessed by the management of the company as  RUR 100 billion, notes Rasstrigin.

“Decisions [concerning the placement] were note taken, but IPO is one of the potentially interesting instruments of money attraction, necessary for the development of “Evrosibenenrgo” and the  implementation of its investment program”, said Vladimir Soloviev, General Director of En+ Group through its representative.