China Yangtze Power completes acquisition of Peru's Luz del Sur, pays US$3.59 billion

18:56 | Lima, Apr. 24.

U.S.-based Sempra Energy on Friday announced that it completed the sale of its Peruvian businesses worth US$3.59 billion to China Yangtze Power International (Hongkong) Co., Limited (CYP).

The sale includes Sempra Energy's 83.6% stake in Peruvian electric utility Luz del Sur, as well as Tecsur, which provides electric construction and infrastructure services to Luz del Sur and third parties, and Inland Energy, Luz del Sur's generation business.

Luz del Sur informed the Superintendence of Securities Market (SMV) of the completed transaction and the consequent transfer of Sempra Energy's stake in favor of Yangtze Andes Holding Co., Limited, a subsidiary of China Yangtze Power Co Ltd.

In late September last year, Sempra Energy announced it had signed an agreement to sell its 83.6% stake in Luz del Sur to China Yangtze Power International (Hongkong) Co., Limited (CYP).

Forecasts at that time showed that the sale was expected to be completed in the first quarter of 2020, subject to customary closing conditions, including approvals from the Peruvian anti-trust authority and the Bermuda Monetary Authority.

Today we completed a $3.59 billion divestiture of our Peruvian assets, advancing our mission to be North America’s premier energy infrastructure company. The proceeds will be used to further strengthen our balance sheet and solid liquidity position. https://t.co/WLVVw6OczZ
— Sempra Energy (@SempraEnergy) April 24, 2020