Italian power major Enel has acquired a joint controlling stake in Panamanian hydro group Fortuna SA for $150 million.
The move came through the Enel and Fonds de Solidarité des Travailleurs du Québec acquisition of Hydro Quebec International Latin America. The transaction allows Enel to own, indirectly, a 24.55% stake in Fortuna which operates in Chiriquì province. Fortuna has 300 MW of hydro capacity and generates approximately 30% of the country’s electricity.
Significantly, the deal will give Enel control of the operational management of the power generation plant.