Enel Investment buys stake in Panama’s 300-MW Fortuna

Enel Investment Holdings BV has purchased a minority stake in Panama’s 300-MW Fortuna hydroelectric project from Hydro-Quebec International (HQI) of Canada.

Following an open international bidding process, HQI sold Hydro-Quebec International Latin America Ltd. to Enel Investment, a Dutch subsidiary of Italian utility Enel S.p.A., on August 1 for US$100 million. The HQI unit was held 66.67 percent by HQI and 33.33 percent by Fonds de Solidarite des travailleurs du Quebec.

Hydro-Quebec International Latin America Ltd. owns 16.4 percent of the Fortuna project on Panama’s Chiriqui River, Panama’s largest generating facility, producing nearly 30 percent of Panama’s electricity.

�This sale gives rise to a profit of about C40 million (US$35.6 million) in the context of our successful strategy of divesting international assets,” said Daniel Garant, executive vice president-finance of Hydro-Quebec and president of HQI.

In April, U.S. emerging markets power company Globeleq completed purchase of power assets from El Paso Corp. of the United States including a stake in Fortuna.

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