Rebaza, Alcázar & De Las Casas advises Enel in the sale of its energy generation business in Peru for USD 1.3 billion

On May 9, 2024, the closing of the transaction occurred, whereby Enel group sold its equity participation in Enel Generacion Peru S.A.A. (approx. 86.95%) and Compania Energetica Veracruz (100%), to Niagara Energy S.A.C., an affiliate of global investment fund Actis.

The transaction was announced on November 22, 2023, and thereafter, was authorized by INDECOPI in Peru under the applicable merger control regime. Closing was perfected with the acceptance by Enel, and subsequent, settlement of the public tender offer up to USD 1.36 billion, launched by Niagara Energy in the Peruvian market. Said tender offer represents the largest offer in the history of the Lima Stock Exchange.

Actis is a global investor with relevant participation in sustainable infrastructure. With this transaction, Actis acquires a diversified energy generation portfolio of 2.2GW in Peru, comprising of 12 operating assets and 1 under construction. Said portfolio includes renewable energy assets, wind and solar, as well as hydro and thermal assets.

Enel group is a multinational energy group with headquarters in Rome, Italy, and is a leading player in the global electricity and gas sectors.

Founded in 1962, Enel operates in over 30 countries across five continents and has a diverse energy portfolio that includes wind, solar, geothermal, hydroelectric, nuclear, and thermal power plants. The decision to sale its generation assets in Peru is part of its global divestment strategy seeking to reduce consolidated debt and concentrate in other markets, such as Italy, Spain, USA, among others.

External legal advisors for Enel

Rebaza Alcázar & De las Casas: Partners Luis Miguel Elías and Alberto Rebaza. Senior Associates Pedro Díaz, David Baracco, Rafael Santín and Josefina Arana.
Hogan Lovells: Partner Luca Picone. Counsel Pierluigi Feliciani. Senior Associate Martino Filippi.

External legal advisors for Actis

Garrigues: Partner Sergio Amiel. Counsel Héctor Zegarra. Senior Associates Miluska Gutiérrez and Mónica Irrazabal. Trainee Stefano Valer.
Milbank: Partners Aaron Stine, John Franchini, and Stine, Aaron. Counsels Ross Shepard and John Garces. Associates Joysheel Shrivastava, Christina Welch, and Christina Sonageri.