InterRAO is preparing to buy Ural Turbine Works

MOSCOW, July 18 (Reuters) – InterRAO, a Russian energy holding company, has agreed to buy Ural Turbine Works, in which 100% of shares are already pledged to it, according to a statement from a company representative.

In the spring of 2023, the Rotek group, part of Viktor Vekselberg’s Renova concern, sold the Ural Turbine Plant, Russia’s largest steam turbine manufacturer, to Moselectroshield (MESH), the Kommersant newspaper reported citing sources. The amount of the transaction that could be carried out in the interests of InterRAO, according to the newspaper, amounted to about 10 billion rubles.

Moselectroshield and Kovrov Electrotechnical Plant, owned by Alexander Plakida, transferred their 100% stake in UTZ Aktiv LLC (Ural Turbine Plant) as a pledge to the structure of InterRAO, InterRAO announced on Tuesday. According to the materials of the Unified State Register of Legal Entities, the pledge agreement was concluded on June 30.

The representative of InterRAO did not explain the reason for accepting the shares as collateral, but said that the holding company agreed to purchase the Ural Turbine Plant and the transaction is being structured.

“We have completed negotiations with MESH and are currently constructing an agreement to take over UTZ. Energy… is our strategic direction of development – ​​said the InterRAO spokesman, refusing to comment further.

In autumn 2022, the Russian energy holding bought the production and service activities of gas turbines and the production of transformers from the German Siemens Energy, wanting to support the service of imported gas turbines, which became complicated after the withdrawal of foreign specialists and companies from the market. In 2021, InterRAO purchased a number of engineering assets in the Russian Federation, and also controls a joint venture with US General Electric, which was established in 2020 to increase the location and production of high-power gas turbines based on the plant in Rybinsk. (Anastasia Lyrchikova)