European Siberian Energy Company will cooperate with China to build power station

In the event of a deterioration in the Asian market, Euro SibEnergo, owned by Oleg Jelipaska, is prepared to postpone its listing in Hong Kong. At the same time, the company announced a joint venture with China Yangtze Power Company (CYPC). The “Kommersant” report published today said that sources revealed that the Yangtze Power Company will become a strategic investor in the European Siberian Energy Company, so its listing plan has been postponed for two to three months.

The European Siberian Energy announced by the En+ Group, a wholly-owned subsidiary of Jeri Pascal, announced that it has signed a cooperation agreement with China Yangtze Power Corporation. The two parties will set up a joint venture company on the basis of reciprocity and construct hydropower stations and thermal power stations in Eastern Siberia and the Far East. The total installed capacity of the six projects in the next three years will reach 10 GW. The two companies plan to export some of the electricity generated by the new power station from Russia to power-hungry northern and northeastern provinces.

Sources said that the Yangtze Power Company will become one of the strategic investors of the European Siberian Energy Company. He said that China hopes to invest 168 million US dollars in the purchase of shares within the framework of its initial public offering (IPO), but this requires the approval of the Chinese government.

European Siberian Energy Company plans to start listing at the beginning of the year. Last week, the listed organizations Deutsche Bank and Bank of China International held preliminary meetings with investors. According to sources familiar with the listing situation, Siberian Energy Europe hopes to be listed in Hong Kong before the end of the year and to obtain 1.5 billion U.S. dollars through the sale of 25% shares, that is, the company’s valuation of 6 billion U.S. dollars.

European Siberian Energy Company plans to complete the listing on December 15, but yesterday's news said its listing plan was postponed. Sources said that the signing of the agreement with the Yangtze Power Co., Ltd. was the reason for delaying the listing because the company did not have time to obtain a license to purchase shares of the European Siberian Energy Company. Sources said: "After approval, an initial public offering will be held. It is likely to be early next year." The company did not comment on the current situation.

The European Siberian Energy Company currently owns power companies such as the Irkutsk Power Company, the Krasnoyarsk Hydroelectric Power Station, the auto plant thermal power station and the Volga Power Sales Company, as well as the European Siberian Energy Engineering Company. The total installed capacity of these power stations is 19.5 GW.

According to sources in the financial sector, another reason for the postponement of the listing of Siberian Energy of Europe is the low demand for stocks. He said that in fact, the listed party asked the investors that the result was that the company's value was only 3.5 billion U.S. dollars. Other sources said that the current problem is the poor market in the Asian market.

Asian stock markets are undergoing adjustments in the past three weeks. Hong Kong's Hang Seng Index has fallen by 7%, South Korea's KOSPI Index has fallen by about 4%, and China's Shanghai Stock Exchange Index has dropped by more than 9%. A variety of factors have affected investor sentiment. First, China has tightened its monetary policy. This month, the People's Bank of China raised the reserve ratio twice. In addition, debt problems in some European countries have made global investors less interested in high-risk assets. Although the Hong Kong stock market has risen 13% since autumn.

According to sources familiar with the listing of European Siberian Energy Company, the company hopes to increase the interest of other investors in listed stocks by attracting Changjiang Power Generation Corporation. BKS analyst Ekaterina Tripogan said that according to the company’s highest valuation of 6 billion U.S. dollars, Chinese companies’ investment of 168 million U.S. dollars will receive 2.8 percent of shares, and if they are valued at 3.5 billion U.S. dollars, the shares can reach 5 %. She said that the involvement of the Yangtze River Power Company will affect the idea of ​​other vacillating investors, so that they are very likely to buy the European Siberian Energy Company shares.

Uralsib analyst Alexander Seleznyov believes that one of China’s main interests is to export Russian electricity to China. At present, Inter RAO is in a monopoly position to export power to China. The "Kommersant" stated that the company refused to evaluate the prospect of European Siberian Energy Company exporting electricity to China.

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