Overview

Macquarie Renaissance Infrastructure Fund completes one of the largest ever private equity transactions in the Russian utilities infrastructure sector; acquires stake in JSC ENEL OGK-5

19 March 2012

Moscow - Macquarie Renaissance Infrastructure Fund (MRIF), part of a consortium of investors led by Xenon Capital Partners’ Rusenergo Fund and also including the Russian Direct Investment Fund (RDIF), has signed binding documentation to acquire a 26.43% interest in OJSC Enel OGK-5 from JSC INTER RAO UES. This follows the agreement of terms announced on 1 March 2012. The transaction was approved by the Management Board of JSC INTER RAO UES on 15 March 2012.

The total transaction consideration to be paid by the consortium on completion is US$625 million, of which MRIF will contribute US$137.5 million. A further amount of up to US$125 million will be paid by the consortium subject to achieving agreed return thresholds. The transaction is subject to corporate and regulatory approvals.

This transaction is one of the largest private equity investments in the history of the Russian utilities infrastructure sector. The investment consortium will become a partner of Italian corporation Enel S.p.A., the majority shareholder of OJSC Enel OGK-5.

"This is a landmark investment for MRIF," said Damian Secen, Chief Executive Officer of MRIF. "OGK5 is one of the largest energy infrastructure companies in Russia with over 9 GW of generation capacity - it is a best in class investment at an attractive entry point.

"This investment broadens MRIF’s portfolio for its investors, and demonstrates the fund’s ability to invest, alongside strategic and financial partners, in energy infrastructure in Russia. MRIF is delighted its participation will fund further development of energy infrastructure in Russia," said Mr Secen.

Contact:

Amanda Mitchell
Macquarie Group
Tel: +44 20 3037 2311
Email:amanda.mitchell@macquarie.com