Sojitz divests Peruvian subsidiary, owner of 2 solar PV plants
Posté le 3 mai 2023
Sojitz Corporation of America, part of the Japanese global trading and investment group Sojitz, carried out the sale to Luz del Sur through the execution of a share purchase agreement.
Sojitz Arcus Investment SAC owns the Majes Arcus and Repartición Arcus solar plants, each of which has a generation capacity of 20MW, and which are located in the Arequipa region of Peru, and which were awarded as concessions during the first tender for the supply of energy with renewable resources carried out by the Peruvian energy regulatory agency OSINERGMIN.
Luz del Sur is a Peruvian electricity distribution company, and one of the main electricity distributors in Latin America. This purchase initiates Luz del Sur's entry into the non-conventional renewable energy generation market.
The acquisition remains subject to the fulfillment of several conditions, in particular the approval by Peruvian antitrust authority INDECOPI.
Sojitz Corporation of America was advised by Peruvian law firm Hernández & Cía., with a team led by partners Brendan Oviedo Doyle and Rodrigo Flores. They were assisted by senior associates Julien Labory-Alicq, Evelyn Lopez and Carlo Colchado.
The company was advised in New York by law firm McDermott, with a team led by partners Maria Navarro and Diego Gómez-Cornejo, with associate Daniel Fernández.
Paul Hastings LLP acted as advisor to the buyer in New York, with a team led by partners
Mike Huang and Robert Leung, with associates Regina Mendoza and Anna Hardcastle, while the buyer was advised in Peru by law firm Cuatrecasas, whose team was led by partner Kiomi Osorio, with senior associate Álvaro Klauer and associate Manuel Cruz.