Azerbaijan's state oil fund invests in Peru's largest power producer

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has invested in Inkia Energy, Peru's largest independent power producer, expanding its presence in the Latin American energy market.

According to SOFAZ, the investment follows a transaction completed in February in which the Canada Pension Plan Investment Board (CPP Investments) acquired a 50% stake in Inkia Energy from global infrastructure investment firm I Squared, Caliber.Az reports.

The remaining 50% stake was acquired through an investment vehicle managed by I Squared, in which SOFAZ also holds an ownership interest.

Inkia Energy operates a diversified portfolio of hydroelectric, natural gas, solar and wind power assets with a total installed generating capacity of 2.6 gigawatts (GW), representing approximately 22% of Peru's electricity generation.

SOFAZ said Inkia Energy is one of the leading companies in Peru's power sector and has demonstrated strong operational performance.

The fund added that the investment is consistent with its long-term investment strategy, expands its geographic diversification through entry into the Latin American market, and further strengthens its global investment portfolio.

By Sabina Mammadli