Italy’s Enel has increased its ownership stake in Panamanian hydro generation company EGE Fortuna.
Enel acquired an additional 24.45% indirect stake in Fortuna for a consideration of $161.3 million, raising its total shareholding to 49% and allowing it to assume operational control of the company and its generation capacity.
Fortuna has 300 MW 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 300 MW.
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