The Italian power company Enel has completed the sale of its entire 56.42% stake in PJSC Enel Russia to Russia’s Lukoil and the Closed Combined Mutual Investment Fund (owned by Gazprombank), for a total of about €137m. The deal, signed in in June 2022, was approved by the Russian government in August 2022.
As result of the transaction, Enel has disposed of all its Russian power generation assets, which included three conventional thermal power plants totalling 5.6 GW of capacity, as well as around 300 MW of wind capacity at different stages of development (with 90 MW already commissioned).
In May 2022, the Finnish energy group Fortum also decided to withdraw from Russia, where it operates seven thermal plants for district heating and another five power plants through its subsidiary Uniper for a total of 15.5 GW (including 1.2 GW of renewables). At the end of 2021, Russia's total installed capacity reached 274 GW.
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