The funds raised from the share issues will be funneled into investment programs, implemented in line with power sector reforms.
UES Financial Director Sergei Dubinin, speaking at the Russian Energy-2006 conference, said he is convinced "this figure is achievable."
Dubinin said UES is planning to expand its investment program from $6-7 billion a year for 2006-2010 to $23 billion a year after 2010, which will make it possible to commission extra generating facilities with capacity of 43 GW in 2011-2015.
The power sector has undergone radical changes in recent years aimed at increasing the efficiency of power plants and developing the industry by attracting investment. During the restructuring process, specialized structures have been created in place of the old vertically integrated companies.
By the end of the reforms, potentially competitive parts of the industry - generation, sales and repair companies - will become mainly private and will compete with each other. However, natural monopoly functions - power transmission and dispatching - will remain state-controlled.
WGC-5, a UES subsidiary formed during the restructuring of the sector along with six other wholesale generating companies, launched an additional issue of shares on the RTS bourse on Tuesday.
According to a UES board decision dated August 30, WGC-5 along with TGC-5, one of 14 territorial generating companies formed during the reform, will be spun off from UES, as part of the first stage of the parent company's reorganization, by the end of 2007.
