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Tue 16 Feb 2016 02:07 PM

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Unit of Abu Dhabi's SWF buys stake in Peruvian power firm

Blue Bolt Limited, a subsidiary of Abu Dhabi Investment Authority, inks deal for 36% interest in Fenix Power Peru

Unit of Abu Dhabi's SWF buys stake in Peruvian power firm
Abu Dhabi Investment Authorityheadquarters.

Blue Bolt Limited, a wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA), has acquired a 36 percent stake in Fenix Power Perú, a thermoelectric power generation company in Lima, as part of a consortium transaction valued at $786 million.

Fenix Power is a power generation company, which owns a 570 megawatt combined cycle power plant in the district of Chilca, south of Lima.

It is responsible for producing 10 percent of the energy currently consumed in Peru and the Peruvian investment fund SIGMA holds 13 percent of the company.

First contact between ADIA and SIGMA was initiated in 2013 during the InPeru investment roadshow, arranged by the Trade and Investment Office of Peru in the UAE.

“This investment is testament to the strengthening of bilateral ties between the UAE and Peru,” said Alvaro Silva-Santisteban, director of the Trade and Investment Office of Peru in the UAE.

“We have received up to $1.7 billion in investments from the UAE since 2010, making Peru the second biggest investment destination in Latin America, to our knowledge.”

Total exports from Peru to the UAE have increased by 700 percent from 2011 to 2014, and from 2014 to 2015 further growth of 30 percent has been experienced.

“Utilities and infrastructure are sectors in Peru that continue to gain the attention of international investors. With the UAE aiming to become an international hub for renewable and low carbon energy technologies, we can understand why ADIA has harnessed an investment in a company like Fenix,” said Silva-Santisteban.

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