US-based energy infrastructure company, Sempra Energy has comleted the sale of Peruvian businesses to China Yangtze Power’s subsidiary, China Yangtze Power International (Hongkong) for $3.59bn.

The transaction follows and agreement signed by both the companies in October last year.

The sale includes the 83.6% stake of Sempra Energy in Luz del Sur along with its ownership interests in Tecsur that provides electric construction and infrastructure services to Luz del Sur and third parties.

Sempra Energy chairman and CEO Jeffrey W. Martin said: “We are very pleased with today’s announcement as the sales proceeds will be used to further strengthen our balance sheet and our already solid liquidity position.

“We’re also very excited that, in the face of current travel restrictions, all parties worked safely together to complete this deal as expected.

“We also remain on track for the sale of our Chilean businesses, which will complete the divestiture of all of Sempra Energy’s South American assets and further our mission to become North America’s premier energy infrastructure company.”

The sale also includes Luz del Sur’s generation business

The deal also includes the sale of the Luz del Sur’s generation business, Inland Energy.

Peru-based electric utility company, Luz del Sur distributes electricity to more than 4.9 million consumers in the southern region of Lima.

Sempra Energy said that it would move forward with the sale of its Chilean businesses, which include its 100% stake in Chilquinta Energía for around $2.23bn.

The sale of the assets to State Grid International Development is subject to adjustments and satisfaction of closing conditions.

For the deal, BofA Merrill Lynch is acting as a financial advisor to Sempra Energy, while White & Case is acting as its legal advisor.