Empresa de Distribucion Electrica Lima Norte SA

active

Empresa de Distribucion Electrica Lima Norte (Edelnor) was one of the five companies in which Peruvian Electrolima was corporatized for the privatization program. The other four companies were Empresa de Distribucion Electrica de Lima Sur (Luz del Sur), Empresa de Generacion Electrica de Lima (Edegel), Empresa de Distribucion Electrica de Canete (Edecanete), and Empresa de Distribucion Electrica de Chancay (Edechancay). Edelnor was awarded a license to distribute electricity to the Northern metropolitan area of Lima. At privatization the company had 500,000 customers. The company was partially privatized in July 1994 when 60% of the equity was sold for $176.5 million to a consortium integrated by Enersis (Chile), Chilectra (Chile), Endesa (Spain), Cosapi SA (Peru), Inversiones Centenario (Peru), and El Pacifico Peruano Suiza (Peru). In a second transaction, a 3.6% stake was sold to Edelnor's workers at the same share price that the winning consortium paid, which represented a sale of US$10.59 million. The remaining 36.4% was reserved to be sold through a mass privatization scheme. During the 1994-2000 period, the company invested an additional US$225 million (an average of US$37.5 million per year). Edelnor was subseqently merged with and became apart of Edechancay. As of December 31, 2008, Enersis [Chile] had a 33.5% economic interest in Edelnor through its 55.9% in Distrilima. Distrilima had a a 60% interest in Edelnor.