EPH closes the first phase of buying into Slovenské elektrárne

28/07/2016
EPH closes the first phase of buying into Slovenské elektrárne
Slovak Power Holding BV, now with the ownership split 50:50 between EPH and Enel, controls 66% of Slovenské elektrárne.

Energetický a průmyslový holding, a.s. (EPH) today closed the first phase of buying into Slovenské elektrárne, a.s. through EPH’s subsidiary, EP Slovakia BV (EP Slovakia).

Thus, EP Slovakia becomes a 50% shareholder in Slovak Power Holding BV (SPH). The other 50% of SPH remains under Enel Group's ownership for the time being. SPH holds 66% in Slovenské elektrárne.

The basic price for the 50% stake in SPH in this transaction was set at 375 million euros, provided that 150 million euros are paid within this first phase of the transaction. However, the basic price could vary depending on a set of parameters in the contract; these parameters mainly concern the costs of the completion of units 3 and 4 of the Mochovce nuclear power plant (Mochovce NPP), which are under construction, the operating parameters of the new units, and power prices in Slovakia.

An adjustment mechanism will be applied for calculating the balance of the price. Independent experts will calculate the price using the agreed formulae.

Following the completion and commissioning of the Mochovce NPP units under construction, EPH will have an option to buy and Enel will have an option to sell the other 50% in SPH, subject to all the rights that the Slovak Republic had negotiated for this part of the transaction in the past.