Duke Energy Invests $45 Million in Ecuadorian Power Generating Company

Strategic Insights -

Duke Energy International, a subsidiary of the global energy company Duke Energy Corporation, has announced a $45 million investment in Electroquil, SA, a power generating company in Guayaquil, Ecuador. This investment will make Duke Energy International the controlling shareholder, with a 51.5 percent stake in the company. The remaining 48.5 percent will be owned by members of the Guayaquil Chamber of Industries and other shareholders. The investment aims to meet local consumers' needs for reliable, efficient, and low-cost energy.

Key Takeaways:

  • Duke Energy International has acquired a 51.5 percent controlling interest in Electroquil, SA for $45 million.
  • Electroquil, SA owns and operates a 168-megawatt diesel-fired power plant, which began commercial operation in 1995.
  • The company's electrical output is purchased by Inecel, Ecuador's state electric utility, under long-term power purchase agreements.
  • Duke Energy International has emphasized its commitment to pursuing future investment opportunities in Ecuador's energy sector to meet the country's growing demand.
  • Electroquil, SA was formed in 1991 by the Guayaquil Chamber of Industries to provide electricity to local industrial and commercial consumers.
  • The Guayaquil Chamber of Industries has expressed enthusiasm for the alliance with Duke Energy International, citing the potential for growth and development.

Statistics:

  • Duke Energy International has made a $45 million investment in Electroquil, SA.
  • The power plant owned by Electroquil, SA has a capacity of 168 megawatts.
  • Inecel, Ecuador's state electric utility, purchases electrical output from Electroquil, SA under long-term power purchase agreements.
  • Duke Energy Corporation has $20 billion in assets.
  • The company provides electric service to approximately 2 million customers.

Sources:

  • "Duke Energy Invests \$45 Million in Ecuadorian Power Generating Company" press release from Duke Energy Corporation, February 24, 1998.
  • "Electroquil, SA" fact sheet from Electroquil, SA.
  • Duke Energy Corporation's annual report, 1998.