ENERGO: Russian AFK Sistema investment major drops buying Fortum/Uniper assets

Russian multi-industry investment conglomerate AFK Sistema has halted negotiations on acquiring Unipro Russia the renewable utility major from Finnish Fortum, TASS reported citing the founder of Sistema, Vladimir Evtushenkov.

As followed by bne IntelliNews, Finnish renewable energy major Fortum is rushing the sale of its Russian assets, including Unipro Russia, and is collecting bids from major local bidders.  

Fortum controls 98.23% in Fortum Russia, 30% in the TGK-1 generation company, whose main shareholder is GazpromEnergoHolding of gas giant Gazprom. Through a 73.4% stake in German Uniper, Fortum indirectly owns 88.73% in Russian renewable energy major Unipro. Fortum and Unipro operate 12 generating assets in Russia with a total capacity of 15.5 GWh.

Even prior to the military invasion of Ukraine, Uniper was considering selling its subsidiary Unipro Russia, with SUEK coal major and Siberian Generating Company and state utility holding InterRAO cited as potential buyers.