AES Sells Telasi to Russian UES

(Tbilisi, August 1, 2003, Civil Georgia) – US power company AES confirmed on July 31 it plans to sell its assets in Georgia to the Russian power giant Unified Energy Systems of Russia (UES).

The US company, which owns 75% of the electricity distribution company in Tbilisi, did not disclose amount of the deal.

“We met with [Georgian President] Shevardnadze today [July 31]. And we have an agreement to sell our businesses in Georgia to UES,” Reuters reports quoting AES spokesman Ken Woodcock.

The AES says in Georgia it had USD 129 million net losses recorded in the second quarter.

The US company?s Georgian asset!
s include three power plants and an electric distribution company, AES Telasi.

Related Story:
AES Posed to Pull Out, Russian Company Takes Over

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