Empresa Electrica de Cahua SA

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Empresa Electrica de Cahua SA is one of the companies created when Peruvian ElectroPeru was corporatized for the privatization program. ElectroCahua's total capacity is 45-MW, distributed in two 20-MW units on a reservoir created from the Pativilca River (Cahua Powe Plant), and an additional 5 MW-unit called Pariac. The company was partially privatized in May 1995 when the government sold 60% of the equity for $41.814 million to Peruvian Sindicato Pesquero (Sipesa). In a second transaction, the government sold 9.7% of the equity to Cahua's workers at the same share price the winning consortium paid - a sale of $6.76 million. The remaining 30% was reserved for a mass privatization scheme sale. In 2000, the government sold its remaining stake in Cahua to a consortium of Skanska (40%) and Vattenfall's subsidiary Nordic Power (60%) for US$ 33.9 million (US$ 9 million in cash and US$ 24.9 million in debt undertaken from Electroperu). In Nov. 2000, Skanska and Vattenfall acquired Sipesa's shares in ElectroCahua for US$ 48 million. The sponsors are considering the expansion of the power capacity to 500 MW. In October of 2001, NRG Energy acquired Vattenfall's 49.5% stake in Cahua comprising the 40 MW Cahua and 5 MW Pariac hydro facilities. Separately, also in October of 2001, NRG bought out the remaining 40% of Cahua from Skanska. In 2003, Norwegian firm Statkraft Norfund Power (SN Power), a 50-50 JV between Statkraft and Norfund, bought Cahua from the US-based NRG Energy. The transfer also included NRG's Peruvian assets of Energia Pacasmayo. None None