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Sintez buys stake in TGK-2

YAROSLAVL , Russia, March 19 (UPI) -- Russia-based Sintez Group announced it has acquired shares of TGK-2.

TGK-2 is a Russian regional energy generation company that had its shares publicly auctioned recently by electricity utility holding group UES. It is based in Yaroslavl and owns 16 combined heat and power plants with an electricity capacity of 2,600 megawatts and a heat capacity of 12,000 megawatts.

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The plants are located in northwest Russia and supply approximately 7 million customers with power and heat.

In 2007 the TGK-2 power stations produced 10 billion kilowatt hours of electricity and 23 billion kilowatt hours of heat, generating an estimated $1.2 billion in revenues.

German utility RWE and Sintez have already signed a letter of intent to allow RWE to take over 51 percent of the shares to be acquired by the Sintez Group. That will give RWE the majority share in a future consortium.

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