Consortium Led by Colbún Buys Generation Company Fenix ​​Power Perú

Source Press Release
Company Colbún S.A.Abu Dhabi Investment AuthoritySigma SAFI 
Tags Corporate Deals, Deals, Power
Date December 18, 2015

Fenix Power Perú has a combined cycle power plant of 570 MW in the Chilca district, south of Lima. The operation involves the purchase of 100% of the shares of the firm, where Colbún will be the controller of the consortium and operator of the thermoelectric plant.

As part of its internationalization and growth process for new markets in Latin America, Colbún SA, through a consortium that also includes Blue Bolt A 2015 Limited - a subsidiary entirely controlled by the Abu Dhabi Investment Authority (ADIA) - and the Fund Of Investment in Infrastructure managed by Sigma of Peru, today concluded thepurchase of 100% of the shares of the thermoelectric generation company Fenix Power Peru SA

Fenix Power is a generation company with a natural gas combined cycle thermoelectric plant of 570 MW in the Chilca district, 64 kilometers south of Lima. The plant began to operate commercially as a combined cycle in December 2014. Its market share is close to 9% in terms of generation of the Interconnected Electrical System of Peru, being the most efficient thermal power station in the Peruvian electrical system, which counts in length Term with the main distributors of the country, among other clients.

Colbún SA, meanwhile, has 3,278 MW of installed capacity and operates 23 generation plants, with a 21% market share in the Central Interconnected System of Chile.

"This operation is a very important milestone for Colbún and allows us to improve the diversification of the company in terms of revenue sources, generation technologies and markets," said Thomas Keller, general manager of Colbún, who emphasized that "the Peruvian electricity sector Operates under a robust and well-established regulatory framework. "

Gonzalo De Las Casas, general manager of Sigma Capital, stated that "the objective of our Fund is to invest in the energy, transportation and treatment plants in Peru, among others. For us it's a great business opportunity like Colbún. "

The price paid by the Buyer for 100% of the Phoenix shares amounted to a total of US $ 171.4 million. Considering net debt of approximately US $ 614.6 million, this price implies a valuation of Fenix's assets of US $ 786 million.

According to the agreement reached, Colbún will hold 51% of Fenix Power Peru, acting as controlling partner and operator, while ADIA will have 36% and Sigma 13%. Considering its 51% participation, this operation means for Colbún a total investment to date of approximately US $ 214 million.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd