AES Wins Bid to Purchase Controlling Interest in Ukrainian Distribution Company

May 07, 2001 by Jeff Shepard

AES Corp. (Arlington, VA) reports that it has won a bid for approximately $23.2 million to purchase a 75-percent controlling interest in Rivenoblenergo (Ukraine), the distribution company that serves the Rivno region in the Ukraine. The remaining 25-percent interest is publicly traded and owned by the employees of the distribution company. Completion of the acquisition is subject to the execution of a sale and purchase agreement.

Garry Levesley, vice president of AES, stated, “The acquisition of

Rivenobloenergo complements well the earlier purchase of Kievoblenergo (Ukraine). AES is now well positioned in the Ukrainian energy sector and we look forward to exploring additional regional energy opportunities."

Dennis W. Bakke, president and CEO of AES, stated, “We are pleased with this winning bid in Ukraine, which comes after five years of our involvement in the Ukraine while the government has contemplated opening up the electric sector to private companies and competition. We hope that AES can bring its skills, creativity and its passion to improve the contribution of this business to the people of the Ukraine."