The Italian energy group Enel has reached an agreement to sell all of its equity stakes in power generation companies in Peru (Enel Generación Perú and Compañía Energética Veracruz) to Niagara Energy, a Peruvian company controlled by the global investment fund Actis, for US$1.4bn (equivalent to an overall enterprise value of around US$2.1bn). The agreement determines that Niagara should acquire the stakes held by Enel Perú and Enel Américas in Enel Generación Perú’s share capital (66.5% and 20.46% respectively). y the end of 2022, Enel’s assets in Peru accounted for more than 2.4 GW installed capacity in Peru, the majority of which use renewable energy. The transaction is expected to close by the second quarter of 2024, and it should reduce Enel’s consolidated net debt of approximately €1.6bn (US$1.74bn) from the 2023-2024 period.
In November 2022, Enel released its 2023-2025 strategy, where it stated its plans to sell around €21bn of assets to alleviate its debt by focusing on six core countries (Italy, Spain, the United States, Brazil, Chile and Colombia) and to initiate the exit from gas assets, including its gas portfolio in Spain. The group has already completed the sale of its transmission assets in Chile (December 2022) and entered into exclusive talks with PPC (Greece) to sell its Romanian assets; in February 2023, it sold stakes in two gas-fired plants in Argentina (2.9 GW).