Russian Direct Investment Fund and Consortium of Co-investors Sign Agreement to Acquire 26.43% Stake in Enel OGK-5

PR Newswire

MOSCOW, March 16, 2012

MOSCOW, March 16, 2012 /PRNewswire/ —

A consortium of investors including the Russian Direct Investment Fund (RDIF), Xenon Capital Partners’ Rusenergo Fund and the Macquarie Renaissance Infrastructure Fund (MRIF) have signed an agreement to acquire a 26.43% stake in Enel OGK-5 from Inter RAO UES.

The deal was approved at a meeting of the board of directors of Inter RAO UES on 15 March 2012.

The Russian Direct Investment Fund will invest USD 137.5 million in the deal and the other members of the consortium will contribute USD 487.5 million. The RDIF has thus attracted more than 3.5 dollars of co-investment for each dollar of its own invested capital.

The acquiring consortium will pay Inter RAO UES a fixed consideration of USD 625 million as well as a potential additional payment of up to USD 125 million. This additional sum will be paid to the seller if the consortium exceeds a base level of 18% annual return on the investment.

The deal will be concluded pending approval from the Federal Antimonopoly Service of the Russian Federation, which is expected within 30 days.

The deal represents the largest direct investment in the Russian power sector. The consortium of investors will become a partner of the Italian energy company Enel, which is the controlling shareholder in Enel OGK-5.

Kirill Dmitriev, CEO of the Russian Direct Investment Fund, noted that the deal is proof of significant growth in international interest toward investments in the Russian economy, especially following the presidential elections.

Kirill Dmitriev said, “The deal is mutually beneficial for all participants. Inter RAO will receive a significant amount of capital to direct toward its investment program. RDIF and the consortium of co-investors will acquire a share in the premium asset of the Russian power sector, allowing the investors to receive an attractive return on their investments.”

Russian Direct Investment Fund (RDIF)

The Russian Direct Investment Fund was established in June 2011. The RDIF is expected to be capitalized with USD 10 billion in Russian government funds over the next five years and is charged with making equity investments that generate strong returns, primarily in Russia. In each investment it makes, the RDIF is required to secure co-investment that at minimum matches its commitment, thus acting as a catalyst for direct investment into the Russian economy. Additional information is available at http://www.rdif.ru.

OJSC Enel OGK-5 is a leading Russian wholesale producer of electric power and heat and has four production branches across Russia. The company’s total installed capacity is 9,562 MWt. More information is available at http://www.ogk5.ru.

For additional information, contact:

RDIF

Valeria Kungurtseva

Tel +7-495-797-3790