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Blue Bolt Limited, a wholly owned subsidiary of Abu Dhabi Investment Authority (Adia), has acquired a 36 per cent stake in Fenix Power Peru, a thermoelectric power generation company in Lima, for $786 million.
The Peruvian investment fund Sigma holds 13 per cent of Fenix. Fenix Power is a power generation company which owns a 570 megawatt power plant in the district of Chilca, south of Lima. It is responsible for producing 10 per cent of the energy consumed in Peru.
The first contact between Adia and Sigma was initiated in 2013 during the InPeru investment road show, arranged by the Trade and Investment Office of Peru in the UAE.
The delegation, at that time the biggest from Latin America to visit the UAE, was headed by the Minister of Economy and Finance and the Governor of the Peruvian Central Bank, and included senior business executives from leading organisations representing Peru's economic activity.
"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. The investment missions between Peru and the UAE play a critical role in showcasing the benefits and opportunities that we offer as a country, and in connecting potential investors to market opportunities."
Peru has an average annual GDP growth of 5.3 per cent over the past 15 years. Total exports from Peru to the UAE have increased by 700 per cent from 2011 to 2014. A further exports growth of 30 per cent was experienced from 2014 to 2015.
"We have seen a significant increase in trade with the UAE over the last five years. This deepening of trade relations has opened a bigger window of opportunity for companies intending to be part of Peru's economic growth, and has raised awareness of the ease of doing business in our country.
"Utilities and infrastructure are sectors in Peru that continue to gain the attention of international investors. We enjoy a consolidated advantage in energy costs on a regional level because of our high utilisation of gas and hydro energy.
"With the UAE aiming to become an international hub for renewable and low-carbon energy technologies, we can understand why the Adia has harnessed an investment in a company like Fenix," said Silva-Santisteban.
- haseeb@khaleejtimes.com
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