Deripaska to list Russia’s largest power and aluminium producer En+ on London Stock Exchange

Billionaire Russian industrialist Oleg Deripaska is set to list Russia’s largest independent power and aluminium producer En+ on the London Stock Exchange and in Moscow. The industrialist hopes to raise $1.5bn through the dual listing of the power and aluminium producer En+ to help to lower its $5bn debt pile.

En+ would be the largest float of a Russian company in the international market. Mr Deripaska expects the group’s Siberian hydropower business and its low-cost aluminium will attract investors shy of investing in Russia because of geopolitical tensions. The

The company also expects this to improve Russia's ties with China, where demand for energy and aluminium is growing more than the global average. It follows a series of deals between Russian and Chinese companies in recent years.  En+ operates through its power company En+ Segment, which runs a number of power plants with a combined capacity of 19.7GW, and holds a 48% stake in Rusal, the largest aluminium producer outside China.

Notably, Rusal listed in Paris and Hong Kong in 2010 and this year the company has seen steady profitable growth this year due to the rising aluminium demand and prices. Around three quarters of En+'s power is based on renewable hydropower and it supplies to Rusal’s energy-intensive aluminium smelters in Siberia. This makes Rusal aluminium the cheapest and the most sustainable with low carbon intensity.

“We are both the largest private hydro power company globally and the leading aluminium producer outside of China. Demand for both commodities is inexorably rising and, on our platform, intertwined,” said Maxim Sokov, the chief executive of En+.

The listing is subject to go ahead next month subject to approval by the Financial Conduct Authority.