Electroandes

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Tuesday, October 6, 2015

Peruvian hydropower firm Electroandes was acquired eight years ago by Norwegian power company Statkraft for US$390mn.

At the time of its purchase, Electroandes operated four hydroelectric plants with combined capacity of 180MW and had 437 miles (703km) of transmission lines.

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Statkraft is looking to become "a stronger and bigger player" in Peru as well as in Chile and Brazil, a senior executive said.

In Peru, where Statkraft generates a total 2,500GWh/y, the company now operates nine power plants in Cajamarca, Ancash, Junín, Arequipa and Lima regions after first acquiring Cahua in 2003 and Electroandes in 2007.

Laine Powell, head of Statkraft's South American operations, said: "We definitely have growth ambitions in Brazil and find it to be an interesting market, certainly the largest market in the region," Powell said. "There are other countries that could be of interest, but our specific mandate is to consolidate the three markets we're in. Right now our view is to become a stronger and bigger player in those countries."

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