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Caixin Global
Caixin Global
Business
Mo Yelin and Zhao Xuan

China Utility Powers Up South American Presence With Peruvian Purchase

China Peru South America Enel Italy
China Southern Power Grid will acquire Italian utility giant Enel's equity stakes in two Peruvian assets for $2.9 billion. Photo: VCG

China Southern Power Grid Co. Ltd. has agreed to pay around $2.9 billion to acquire two Peruvian assets from Italy’s biggest utility Enel SpA, as the Chinese state-owned major deepens its footprint in South America amid a global business expansion.

Under the agreement, a subsidiary of the Rome-based company will sell its entire 83.15% stake in distribution and supply company Enel Distribución Perú S.A.A. and 100% stake in advanced energy services provider Enel X Perú S.A.C. to China Southern Power Grid International (HK) Co. Ltd., the overseas investment unit of the Chinese firm, according to Enel’s announcement released Friday.

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