RAD represents Enel in closing sale in Peru to Actis
Rebaza Alcázar & De Las Casas has represented Enel on the closing of the transaction whereby the Enel group sold its shareholding in Enel Generación Perú (approx. 86.95%) and Compañía Energética Veracruz (100%) to Niagara Energy, a subsidiary of the global investment fund Actis.
This transaction was closed on 9 May, announced on 22 November 2023 and subsequently authorised by INDECOPI in Peru under the applicable merger control regime. The closing was perfected with the acceptance by Enel, and subsequent settlement, of the takeover bid of up to USD 1.36 billion launched by Niagara Energy in the Peruvian market. The takeover bid represents the largest offer in the history of the Lima Stock Exchange.
Other participating firms were Hogan Lovells as international advisor to Enel, and Garrigues and Milbank, as local and international advisors to Actis, respectively.
Actis is a global investor with relevant participation in sustainable infrastructure. With this transaction, Actis acquires a diversified power generation portfolio of 2.2GW in Peru, comprising 12 assets in operation and 1 under construction. The portfolio includes renewable energy assets, wind and solar, as well as hydro and thermal assets.
The Enel Group is a multinational energy group headquartered in Rome, Italy, and is a major player in the global electricity and gas sectors. Founded in 1962, Enel operates in more than 30 countries on five continents and has a diversified energy portfolio that includes wind, solar, geothermal, hydro, nuclear and thermal power plants. The decision to sell its generation assets in Peru is part of its overall divestment strategy to reduce consolidated debt and focus on other markets, such as Italy, Spain, the US, among others.
RAD’s team was led by partners Luis Miguel Elías (pictured right) and Alberto Rebaza (pictured left), with support from senior associates Pedro Díaz, David Baracco, Rafael Santín and Josefina Arana.
Hogan Lovells’ team included partner Luca Picone, counsel Pierluigi Feliciani and senior associate Martino Filippi.
Garrigues’ team was represented by partner Sergio Amiel, counsel Héctor Zegarra, senior associates Miluska Gutiérrez and Mónica Irrazabal, and trainee Stefano Valer.
Milbank’s team consisted of partners Aaron Stine, John Franchini, counsels Ross Shepard and John Garces, and associates Joysheel Shrivastava, Christina Welch and Christina Sonageri.
