Nevtah Capital Management of the United States has acquired Peru hydropower developer Electrocondor S.A. and its portfolio of proposed hydro projects in Peru.
Nevtah, which also owns a U.S. oil sands extraction venture, said it agreed to acquire Electrocondor for US$22.5 million through issuance of 25 million treasury shares. It plans to retain all Electrocondor personnel, including Managing Director Jorge Lau.
The buyer said April 9 that Electrocondor has an agreement to build a US$36 million, 17-MW hydroelectric project in Peru. The run-of-river project is to help it meet a series of power sales contracts Electrocondor negotiated to supply several mineral exploration companies in Peru.
Nevtah said Electrocondor is finalizing several other power agreements ranging from 10 MW to more than 100 MW. It also has several other proposed run-of-river projects in Peru. Nevtah is to provide working capital to initiate environmental baseline studies.