2013-04-09 12:26

Luxembourg-registered Power Equity Investments takes over controlling stake in Kaunas power plant

Clement Power Venture, a US-registered company controlled by businessman Rimandas Stonys, has transferred a 99.49-percent stake in Kauno Termofikacijos Elektrinė (Kaunas Combined Heat and Power Plant, or KTE), Lithuania’s second-biggest heat supplier, to Luxembourg-registered Power Equity Investments, another company owned by Stonys.
Kauno termofikacinės elektrinės plėtra supriešino politikus
Kauno termofikacinė elektrinė / Eriko Ovčarenko / BNS nuotr.

The controlling stake in KTE, which Clement Power Venture acquired from Russia’s gas giant Gazprom on March 7, was taken over by Power Equity Investments on March 21, data from the Center of Registers shows.

The remaining interest in KTE (0.51 percent) is held by Dujotekana, the Lithuanian gas imports company, which is 66-percent controlled by Stonys.

Gazprom sold KTE, which it acquired back in 2003, after about a year of negotiations early in March. The deal was said to be worth more than 100 million litas (EUR 28.98m), yet the precise amount has not been disclosed.

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