On June 12, 2024, the closing of the transaction occurred, whereby Enel group sold its equity participation in Enel Distribución Perú S.A.A. (approx. 83.15%) and Enel X Perú S.A.C. (100%) to North Lima Power Grid Holding S.A.C., wholly-owned subsidiary of China Southern Power Grid International (HK) Co., Ltd. (CSGI), for USD 3.1 billion. This transaction represents a landmark acquisition in the energy industry and, in general, for foreign investment in Peru coming from the Peoples Republic of China.
Previously, the agreement among the parties to pursue the transaction was announced on April 7, 2023. Thereafter, said transaction was authorized by INDECOPI under the applicable merger control regime in Peru, as well as by the Chinese governmental entities that authorize outbound direct investments.
China Southern Power Grid International (HK) Co., Ltd. operates as a Chinese investment company in the energy sector with China's State-owned Assets Supervision and Administration Commission (SASAC) as its shareholder.
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 distribution 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.