Inter RAO Group and Tashir Group have finalized the third phase of the sale of CJSC Electric Networks of Armenia and OJSC Razdan TPP ahead of schedule. Upon this transaction, Tashir Group became the owner of 100% ownership stakes in both entities.

Tashir Group acquired 25% stakes in both Armenian electricity companies at the first phase of the deal signed in the autumn of 2015, and another 25% at its second phase. The rest was scheduled for transfer to the new owner by the end of 2017. Tashir Group has been managing the operation of CJSC Electric Networks of Armenia and OJSC Razdan TPP since October 2015.

“The sale of our assets in the Republic of Armenia is fully aligned with the development strategy of Inter RAO Group, and the price accurately reflects the fair value of these companies,” said the Chairman of the Management Board of PJSC Inter RAO Boris KOVALCHUK. “And today we can confirm that this deal has freed up the resources we need to grow the Russian business of Inter RAO Group, while Tashir Group will ensure successful development of CJSC Electric Networks of Armenia and OJSC Razdan TPP.”