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Inter RAO Completes the Sale of Armenian assets to Tashir Group

Inter RAO Group and Tashir Group have finalized the third phase of the sale of CJSC Electric Networks of Armenia and OJSC Razdan TPP ahead of schedule. Upon this transaction, Tashir Group became the owner of 100% ownership stakes in both entities.

Tashir Group acquired 25% stakes in both Armenian electricity companies at the first phase of the deal signed in the autumn of 2015, and another 25% at its second phase. The rest was scheduled for transfer to the new owner by the end of 2017. Tashir Group has been managing the operation of CJSC Electric Networks of Armenia and OJSC Razdan TPP since October 2015.

“The sale of our assets in the Republic of Armenia is fully aligned with the development strategy of Inter RAO Group, and the price accurately reflects the fair value of these companies,” said the Chairman of the Management Board of PJSC Inter RAO Boris KOVALCHUK. “And today we can confirm that this deal has freed up the resources we need to grow the Russian business of Inter RAO Group, while Tashir Group will ensure successful development of CJSC Electric Networks of Armenia and OJSC Razdan TPP.”

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Tashir is a multifaceted Group of Companies with industrial construction profile, set up in 1999, which includes more than 200 dynamically growing organizations operating in various sectors of the Russian economy. The Group's success in all areas of its multifaceted activity is driven by the desire to focus on the highest standards and the maximum results. Tashir has been confidently and steadily moving towards sustainable development, continuous improvement and progress; and as of today, it unites over 45,000 employees and covers 25 cities of Russia and neighboring countries. The founder and the President of the Company Samvel Karapetyan, the headquarter is located in Moscow. 

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Inter RAO Group is a diversified energy holding serving various segments of Russian and international electric power industry. The Group is the leading exporter and importer of electricity in Russia actively increasing electricity generation and sales, and developing new lines of business.

The corporate strategy of Inter RAO is focused on making Inter RAO a global energy enterprise, a key player in the global energy market, and Russia's leading electric utility by energy efficiency. Inter RAO Group owns and operates approximately 33.5 GW of installed power generation capacity.