Kuwaiti Expansion

摘要

A deal by Kuwait's sovereign wealth fund is likely to power its investment in the Spanish and Latin American energy sectors well beyond $1 billion, ranking it not far behind the ?2 billion (then $2.8 billion) invested in 2011 by its Qatari counterpart in Spain's Iberdrola (WGI Mar. 11' 11). Kuwait Investment Authority (KIA), through its London-based Wren House Infrastructure fund, agreed on Mar. 30 to spend $550 million buying 25% of Spanish utility Gas Natural's international power business, Global Power Generation (GPG). The deal is expected to close before year-end. GPG has 2.866 GW of generating capacity in operation. Over half is in Mexico, where it has four gas-fired plants and one wind farm, and the rest in Costa Rica, Puerto Rico, Panama, Dominican Republic and Kenya. It plans to install a further 5 GW across Latin America and Asia in the medium term. GPG's plants promise higher returns than Gas Natural's assets in Europe (WGI Nov. 13' 13).