Mikhail Prokhorov again sells the energy company "Quadra"

The power company can buy TGK-2.
Kommersant learned that TGK-2 can buy the energy company Kvadra from ONEKSIM Mikhail Prokhorov in autumn, the deal's value could reach 18 billion rubles. After purchase, TGC-2 intends to optimize the structure of the Quadra, leaving only a generation in its circuit. But there are no own funds for the deal with TGK-2, and, according to analysts, it will have to attract funds from banks, which will once again raise its debt burden.

ONEXIM Mikhail Prokhorov in the coming months can completely withdraw from the capital of the power company "Quadra - Power", told Kommersant sources in the industry. According to one of them, ONEXIM plans to sell the asset in September-October. According to the interlocutors of "Kommersant", shares will buy TGK-2. In February, the company sent Prokhorov a proposal, Kommersant's source explained, now due diligence is taking place in the Quadra. According to preliminary estimates, the asset is worth 18 billion rubles.

In TGK-2, Kommersant was not answered, in Kvadra the request was redirected to ONEKSIM, where they also did not respond on Thursday. The Ministry of Energy told Kommersant that the agency does not participate in the relationship of independent economic entities. The FAS did not answer the inquiry.

ONEKSIM bought a 48.6% stake in Quadra (then TGK-4) in 2008 with the split of RAO UES of Russia, paying 26 billion rubles. Now the share of ONEXIM has increased to 49.99%, another 24.74% belongs to "Biznesinform", the beneficiary of which is also Mikhail Prokhorov. In this case, as the source of Kommersant, who is familiar with the situation, indirectly ONEKSIM controlled more than 85% of the Quadra. According to Kommersant, the treasury package in 6.4% of the shares was bought by BC Region (there they did not answer Kommersant). Mikhail Prokhorov never concealed the intention to sell a distressed asset. In 2011, FAS blocked a deal with Inter RAO, and in 2013 - with Gazprom energoholding.

The complexity of the asset is that Quadra owns a fairly old park of CHP in Central Russia (2.9 GW), many of which do not stand competition in the wholesale energy market. The revenue of Kvadra under IFRS for 2017 is 50 billion rubles, the loss is 210.3 million rubles, net debt at the end of the year is 31.5 billion rubles. Capitalization is 6.65 billion rubles, the price of an ordinary share on the Moscow stock exchange on June 28 is 0.0034 rubles, the preferred price is 0.0036 rubles.

Quadra is also the last in the market to complete the program for the construction of new units under capacity supply agreements (DPM, totaling more than 1 GW), falling short of the approved deadlines. For the late arrival of the last of the unfinished stations - Aleksinskaya CHP - the company pays up to 60 million rubles a month. fine. The shares of Quadra owned by ONEKSIM were pledged to Gazprombank and Sberbank (they did not respond to the Kommersant banks).

According to the interlocutor of Kommersant, after purchasing TGK-2 intends to "facilitate" the structure of the Quadra, leaving only generation in its circuit and putting out the heating network and repair activities in a separate business. In addition, the executive apparatus of the Quadra and the branches will be liquidated, the burden on interaction with the regional authorities will fall on the directors of the stations. The competence center will move to Yaroslavl.

But TGK-2 is also one of the most troubled companies in the energy market. In 2008, it was acquired by ex-senator Leonid Lebedev. The company includes thermal power stations (2.6 GW) and boiler rooms in Vologda, Kostroma, Novgorod, Yaroslavl and Arkhangelsk regions. The main creditor of TGK-2 is VTB (the bank refused to comment). Over the past year, the ownership structure has changed: Sovlink's investment company Dmitry Pyatkin and Alexander Freiman took in trust to 58.3% of TGK-2, but at the end of April reduced its stake to 1.49%, while Cyprus's Kostroma Kogeneratsiya Limited gained control of 78 , 3% in the authorized capital.

Natalia Porokhova of ACRA notes that the cash in TGK-2's accounts at the end of 2017 was about 200 million rubles. Therefore, in her opinion, a new debt will be required for the purchase. In general, TGK-2's debt began to decline after the completion of the DPM program: in 2017, the debt-to-operating cash flow ratio was 1.9, compared to 4.9 in 2014. If the company will attract debt for purchase, its load will increase to 4.5, says the expert, adding that "the effect of economies of scale from enlargement is possible".