Meeting of the Board of Directors of OJSC Irkutskenergo is held by absentee voting on August 26, 2013

On August 26, 2013, the Board of Directors of OJSC Irkutskenergo held a meeting by absentee voting over issues related to the Company’s business. Board members approved a non-arm’s length transaction: a loan agreement with the limited liability company Avtozavodskaya CHPP worth a total of RUB 1,950,000 thousand.

We would like to remind that in June 2013, OJSC Irkutskenergo acquired a controlling stake (51%) in the authorized share capital of LLC Avtozavodskaya CHPP. Currently, the installed electricity generating capacity of the Avtozavodskaya CHPP totals 580 MW. Since January 1, 2010, the Avtozavodskaya CHPP has been a participant of the wholesale market for electricity and capacity. In 2012, gross profit of the Avtozavodskaya CHPP amounted to RUB 893 mln. The key development project of LLC Avtozavodskaya CHPP involves constructing a new combined cycle gas turbine unit with the capacity of 400 MW, which will enable the company to increase its market share.

Oleg Prichko, CEO of OJSC Irkutskenergo: “Irkutskenergo is going to grant a loan to LLC Avtozavodskaya CHPP to enable it to replenish its working capital.”

Press service of OJSC Irkutskenergo

August 27, 2013
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