Interenergo is a joint venture of Inter UES (60%), a subsidiary of Russia's electricity monopoly Unified Energy System, and state-owned Rosenergoatom (40%), the world's largest nuclear energy company.
The deal was approved by the Public Services Regulatory Commission of Armenia Wednesday, the company said. Under Armenian energy legislation, the company was not entitled to sell its shares in the AEN without obtaining permission from the Armenian government and the committee.
Midland Resources, which acquired 100% of AEN shares for $40 million, lent the shares to Interenergo for a 99-year term in June last year at an estimated cost of $73 million, while retaining ownership of the stock.
Inter UES, an import-export electricity operator, has electricity supply contracts with Armenia, Belarus, Georgia, Kazakhstan, China, Moldova, Mongolia, Lithuania, Latvia, Norway, Russia, Ukraine, and Finland. The company also manages energy facilities in Armenia, Georgia, Moldova, and Russia.
