Sovereign wealth fund Abu Dhabi Investment Authority has acquired a 36 per cent stake in Peruvian thermoelectric power company Fenix Power as part of a $786m consortium transaction.
Fenix owns a 570 MW combined cycle power plant in Perú ‘s Chilca district and produces 10 per cent of the country’s energy.
The acquisition by ADIA subsidiary Blue Bolt was first initiated contacted during an investment roadshow in 2013. Peruvian investment fund SIGMA holds 13 per cent of the company.
“This investment is testament to the strengthening of bilateral ties between the UAE and Peru,” said the Trade and Investment Office of Peru’s director in the UAE Alvaro Silva-Santisteban “We have received up to $1.7bn in investments from the UAE since 2010, making Peru the second biggest investment destination in Latin America, to our knowledge.”
Total exports between the UAE and Perú increased 700 per cent between 2011 and 2014 and 30 per cent between 2014 and 2015 last year.