US global power company AES announced yesterday that it had successfully bid for a majority stake in Rivenoblenergo, the distribution company serving the Rivno region of the Ukraine. Earlier in the month EAS bought 75 per cent of Kievoblenergo, another distribution company serving the region around the capital city of Kiev.

AES has paid $23.2 million to purchase a 75 per cent stake in Rivenoblenergo. The remaining 25 per cent interest is either publicly traded or held by the employees of the company.

Rivenoblenergo is one of the six distribution companies being privatized by the government of the Ukraine with Kievoblenergo being the largest. The purchase of a majority interest in Kievoblenergo cost AES $45.9 million.

Mr. Garry Levesley, Vice President of AES, stated, “The acquisition of Rivenoblenergo complements well the earlier purchase of Kievoblenergo. AES is now well positioned in the Ukrainian energy sector and we look forward to exploring additional regional energy opportunities.”

AES has generation, distribution and retail supply businesses in 27 countries around the world. This comprises interests in one hundred and sixty six facilities totalling over 58 GW of capacity.