March 16, 2012 / 6:40 AM / 6 years ago

Russia's InterRao approves sale of stake in OGK-5

MOSCOW, March 16 (Reuters) - Russian power group InterRao has approved the sale of its minority stake in Italian-controlled power generator Enel OGK-5 to a private-equity group in a deal worth up to $750 million, one of the investors said on Friday.

The buyer group comprises Xenon Capital Partners’s Rusenergo Fund, the Macquarie Renaissance Infrastructure Fund and the state-backed Russian Direct Investment Fund, co-investing in its second deal since its creation last year.

In a statement, the RDIF said the buyers would pay $625 million up front, plus a potential additional payment of up to $125 million if the consortium achieves a rate of return of over 18 percent on its investment.

Italy’s Enel, which acquired a 56.4 percent stake in OGK-5 as part of reforms to break up Russia’s Soviet-era power monopoly, was not a party to the transaction.

Reuters reported the deal on March 1 (Reporting by Douglas Busvine; editing by Megan Davies)

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