Empresa de Generacion Termoelectrica de Ventanilla SA

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Empresa de Generacion Termoelectrica de Ventanilla SA or Etevensa is one of the companies created when Peruvian ElectroPeru was corporatized for the privatization program. This new generation company had total installed capacity of 200-MW in 1995. The company was partially privatized in December 1995 when 60% of the equity was sold to Generalima, a consortium of Spanish Endesa (72.5%), Inversiones Credito del Peru (25%), and Cosapi (2.5%). The winning consortium accepted an obligation to expand the installed capacity by 280-MW in exchange for its equity participation. In a first phase, Generalima had to bring 140-MW on-line within 12 months. The second and final phase (140-MW) had to be in service by June 1997. The consortium applied $122.3 million in the expansion of Etevensa, although the initial commitment was US$ 120.1 million. In a second transaction, the government sold a 1.7% of Etevensa's new equity to company workers at the same share price that the winning company paid which represented a sale of $3.46 million. The remaining 38.3% was reserved for a mass privatization scheme sale. None None