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Russian energy producer may sell Macedonian plant stake to Chinese investors — media

May 28, 2014, 11:13 UTC+3 MOSCOW
Territorial Generating Company-2 (TGC-2) is seeking to sell a stake in the power plant to get money to repay part of its debt
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MOSCOW, May 28. /ITAR-TASS/. Russian electricity producer Territorial Generating Company-2 (TGC-2) is considering selling part of its stake in newly-acquired Macedonian thermal plant to Chinese investors, business daily Kommersant reported on Wednesday.

On Tuesday, TGC-2 said it closed a deal to acquire 100% shares in Bitar Holdings Limited, which controls 89.2% in TE-TO AD Skopje, which in turn owns the 220-megawatt thermal plant.

The company is seeking to sell a stake in the power plant to get money to repay part of its debt, the daily said. The current size of the company's debt was not available. In August 2013, TGC-2 entered a technical default on a 5 billion ruble bond issue, while its debt for gas was estimated at 6.9 billion rubles ($200.4 million) as of the end of 2013.

The value of the power plant is close to 9.6 billion rubles ($278.8 million), a spokesperson for TGC-2 said. However, Otkritie Financial Corporation senior utilities analyst Sergei Beiden believes that the estimate of the plant at $1,300 per kilowatt of installed capacity is excessive, taking into account that gas-fired power generation in Europe is often loss-making, and doubts that investors would like to enter the asset on such conditions.

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