Russia's TGC-2 Closes Deal to Gain Control of CCPP in Skopje

Russian power producer TGC-2 said on Tuesday that as a result of a deal it has closed to gain full control of Bitar Holdings Limited it has taken over a 89.2% stake in FYROM company TE-TO AD Skopje.

TE-TO AD Skopje operates a combined cycle power plant (CCPP) in the FYROM capital with a heating energy capacity of 160 megawatts (MW) and an electricity production capacity of 220 MW. The CCPP was commissioned in 2012.

The move is in line with the company's strategy to diversify country risk, TGC-2 director general Andrey Korolyov said in a statement.

He added one strategic direction for TGC-2's development is pursuing cooperation with Chinese energy companies while the second direction is focused on entering the Balkan energy market, which is attractive to many Russian investors.

Activities in the Balkan region will allow TGC-2 to create additional stable cash flow and will have a positive impact on operating performance and financial results, Korolyov said.

TGC-2, set up in 2005, is engaged in production of electricity and heat, as well as sale of heating energy to consumers.

Source: SeeNews