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OGK-2 OAO Decreases Stake in OGK-Investproyekt LLC Following Its Charter Capital Increase Paid Up by Mosenergo OAO-Interfax

Tuesday, 20 Aug 2013 07:02am EDT 

Interfax reported that OGK-2 OAO's (OGK-2) stake in OGK-Investproyekt LLC, a special purpose vehicle engaged in financing construction of the fourth power block at the Cherepovets district power plant (Cherepovets GRES), has declined from 49% to 9.49% after Mosenergo OAO paid up an increase in the SPV's charter capital, OGK-2 said in its first half IFRS earnings report. Mosenergo OAO's stake in OGK-Investproyekt has increased to 90.5%, an OGK-2 spokesman told Interfax. Shareholders in OGK-Investproyekt approved the charter capital increase at an extraordinary meeting on January 17, 2013, and the amendments to the charter were registered on July 26, 2013. Beginning on that date, OGK-Investproyekt is no longer an associated enterprise of the OGK-2 group, the report says. Mosenergo OAO owned 51% of OGK-Investproyekt and OGK-2 had 49% as of October 2012, according to the SPARK-Interfax database. Mosenergo OAO first took a stake in the company, a 100% subsidiary of OGK-2, that year with the goal of investing available resources in the project under a capacity provision agreement after OGK-2 experienced difficulties financing the project. 

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