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Niagara Energy acquires Enel Distribución Perú in a US$1.3bn deal

The Peruvian company Niagara Energy has concluded the US$1.3bn acquisition of the equity stakes held by Enel Perú in Enel Generación Perú and in Compañía Energética Veracruz. The transaction grants Niagara Energy a 92.35% stake in the power generating subsidiary of the Italian utility Enel, with the utility purchasing approximately 2.9 billion shares at US$0.47 each. The deal aligns with Enel’s strategic growth objectives to focus on Brazil, Chile, Columbia, Italy, Spain and the US. 

In November 2023, the Italian energy group Enel announced the 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. The transaction should reduce Enel’s consolidated net debt of approximately €1.6bn from the 2023-2024 period.