Tauron and ArcelorMittal strike JV deal on managing power assets
August 12, 2014
Power group Tauron signed a partnership agreement with units of ArcelorMittal steel conglomerate and will create a 50/50 owned JV Tameh Holding, which will operate and be charged with investments in select generation assets currently held by both groups, Tauron said in a press statement.
Tameh's (i.e. Tauron ArcelorMittal Energy Holding) generation assets will include ZW Nowa heat and power plant in Dabrowa Gornicza, Blachownia power plant, southern Poland, both to be spun off from Tauron group, as well as heat and power plan EC Krakow and heat and power plant in Ostrava, the Czech Republic, to be taken over from ArcelorMittal subsidiaries, the statement reads.
The financial goal of the enterprise is to "generate financial results at the level allowing to finance necessary investments in the JV," the statement reads.
The deal will allow to allow lowering the costs of functioning of the assets and extend the lifetime of the Blachownia plant, Tauron CEO Dariusz Lubera said.
Tameh Holding will launch operations in Q4 2014, Tauron said.