Enel Increases Panama Stake

Italian electricity company Enel, which entered the Central American power market last year, is to increase its stake in Panamanian hydroelectric plant Fortuna by paying $161.3 million for a further 24.45%, taking its overall share up to 49%. The government of Panama owns 49.9% of the company. Fortuna is one of Panama’s leading electricity companies, generating around 30% of the country’s power. Enel paid $150 million last August for a 24.55% share in Fortuna via the ownership of its holding company Hydro Quebec International Latin America. According to Enel “the Panamanian market is part of the larger Central American power market, which is experiencing extensive development characterised by economic and regulatory integration”. Enel also owns hydroelectric plants in Costa Rica, Guatemala and Chile.