Empresa Electrica de Piura

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Empresa Electrica de Piura (EEP) is a generating company that operates in the Peruvian northern province of Piura. EEP was partially privatized in October 1996 to Consortium Electrica Cabo Blanco, (ELECSA) led by Spanish Endesa with Energia Andian SA and Peru Electricity Fund. This privatization aimed at capitalization and the winning offer included a cash transfer to the government of US$19.7 million and a commitment to invest $40 million in order to increase generating capacity of the power plant by 80-MW in the 12 months after the financial closure. The total offer package of US$ 59.7 million gave the consortium the right to 60% of EEP's shares. EEP has two thermal power plants, two gas processing plants and one gas distilation plant. The government still owned a 40% stake in the company by 2005. In 1998, the IAIC approved $10 million A loan and $12 million B loan to the project company. In 2006, 60% of EEP's shares were owned by ELECSA, a subsidiary of Endesa (Spain). The remaining 40% were publically traded on the Peruvian Bolsa de Valores de Lima (BVL). In 2011, Endesa (Spain) acquired 96.5% stake in the company. In 2013, the Malacas Thermal Power Plant commenced operations, increasing EEPSA's generating capacity to 302 MW. The Talara Power Plant demanded investments of US$ 101 million. It is unclear who purchased the remaining 40% stake except that it was a private entity.