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Azerbaijani electricity operator capitalizes for more than $1 billion

Business Materials 20 May 2011 17:10
Azerenergy has increased its capital by 824.6 million manat.
Azerbaijani electricity operator capitalizes for more than $1 billion

Azerbaijan, Baku, May 20 / Trend E.Ismayilov /

Azerenergy has increased its capital by 824.6 million manat.

The company's capitalization will be made on the basis of new shares issued and registered on May 17 by the Azerbaijani State Securities Committee.

The issue includes 41 million shares at par value of 20 manat each.

The company's aggregate capital increased in recent years and reached 1.4 billion manat.

Azerenergy is engaged in electricity production and distribution in Azerbaijan.
The company sells it to Bakielektrikshebeke, which then distributes and sells it in Baku.

Azerenergy has more than 200 substations, six hydroelectric power plants and 13 thermal power plants.

The company has become a net exporter over the past five years. It also provides for exporting electricity to Europe via Turkey in the framework of the Azerbaijan-Georgia-Turkey energy corridor by mid-2012.

The official exchange rate is 0.7902 manat to $1 on May 20.

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