Enel has acquired an additional 24.45% indirect stake in EGE Fortuna SA for a consideration of $161.3 million, raising the Italian energy firm's total shareholding in the Panamanian outfit to 49%.
To secure the increased share in EGE Fortuna, Enel has acquired 100% of Panama-incorporated company Globeleq Holdings Fortuna SA through its Dutch subsidiary Enel Investment Holding, from Globeleq, a power company operating exclusively in emerging markets.
The increased stake enables Enel to carry out the full operative control of Fortuna. In particular, Enel will take charge of the operational management of the power generation plant named Fortuna.
Fortuna is one of the leading Panamanian electricity companies, operating in the province of Chiriqui with a 300MW power plant. It generates a total of about 1,600GWh a year, giving Fortuna an approximately 30% share of national power output.