Enel acquired an additional 24.45% indirect stake in Fortuna for a consideration of US$161.3M, raising its total shareholding to 49% and allowing it to assume operational control of the company and its generation capacity.

Fortuna has 300MW of hydro capacity and generates approximately 30% of Panama’s electricity. Its shareholders also include the Panamanian government with 49.9% of the share capital and the Fortuna employee pension fund with 1.1% of the share capital.

Enel already operates hydro plants in Costa Rica, Guatemala, Brazil, and Chile with a total capacity of nearly 300MW.