The Russian territorial generating company TGC-10 has today confirmed
subscriptions in the company's share issue. The share issue was almost fully
subscribed by Fortum at RUB 111.8 per share. Fortum announced that it will
participate in the share issue on 29 February 2008, when it won the share
auction over a 29% stake in TGC-10.
The total value of Fortum's subscription, and that of the entire share issue,
was approximately RUB 46.6 billion or approximately EUR 1.3 billion. With this
subscription, Fortum's ownership in TGC-10 will increase to slightly over 76%
shares and voting rights. The capital increase will remain in TGC-10 and will be
used to finance its committed capacity investment programme planned at EUR 2.2
billion.
Founded in 2006 as part of the Russian power sector reform, TGC-10 is a
territorial generating company operating in Urals region. The company's total
installed capacity is 3,000 MW electricity and 15,800 MW heat. TGC-10's
committed investment programme is planned to further increase its electricity
production capacity with 2,300 MW by 2013.
Fortum Corporation
Maria Romantschuk
SVP, Corporate Communications
Further information:
Tapio Kuula, Senior Vice President, Fortum Corporation, +358 (0)10 45 24112
Distribution:
OMX Nordic Exchange Helsinki
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