Enel Américas S.A. and its subsidiary, Enel Perú S.A.C., recently entered into an agreement with Niagara Energy S.A.C., a Peruvian company under the control of global investment fund Actis. The agreement outlines the sale of all of Enel Perú's and Enel Américas' shareholdings in Enel Generación Perú S.A.A.A. and Compañía Energética Veracruz S.A.C., two power generation companies. This transaction is set to occur on November 21, 2023, and marks a significant milestone for all companies involved.
Under the terms of the agreement, Niagara Energy will acquire Enel Peru's and Enel Americas' interests in Enel Generación Perú (approximately 66.5% and 20.46%, respectively), as well as Enel Peru's stake in Compañía Energética Veracruz (100%), for a total consideration of around US$1.4 billion, representing an enterprise value of roughly US$2.1 billion. The transaction value will be subject to standard adjustments, as is customary for this type of transaction, to account for the period between the signing of the agreement and the completion of the sale.
The sale's completion, anticipated to take place in the second quarter of 2024, is subject to certain customary conditions precedent for this type of transaction. These conditions include obtaining clearance from the relevant Peruvian antitrust authority. The sale of the retained interests in Enel Generación Perú will be conducted through a tender offer, which Niagara Energy has committed to launching once the conditions precedent specified in the agreement have been met.
This transaction aligns with Enel Américas' Strategic Plan, as announced in November 2022. Enel Américas' generation business in Peru boasts more than 2.4 GW of installed capacity, with most energy generated through renewable sources.
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