By Nathan Allen

Enel SpA (ENEL.MI) has called an extraordinary shareholders' meeting to approve the sale of its Reftinskaya coal-fired plant in Russia.

The Italian power company said Thursday that it plans to sell the facility to Russia's Kuzbassenergo (KZBE.RS), a subsidiary of Siberian Generating Company, for an initial payment of 286 million euros ($321.9 million).

If the deal goes through, Kuzbassenergo would pay a further EUR41 million over the next five years, subject to conditions.

With an installed capacity of 3,800 megawatts, Reftinskaya is the biggest coal-fired power plant in Russia. The sale is in line with Enel's strategic shift toward a more sustainable model based on renewables, the company said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

June 06, 2019 12:58 ET (16:58 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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