March 2 (Renewables Now) - The International Finance Corporation (IFC) and the IFC Global Infrastructure Fund (GIF) have each invested USD 50 million (EUR 47.4m) in Orazul Energy Partners LLC, a low carbon energy-focused firm in Latin America.
The equity investments will support Orazul Energy’s plans to build more renewable power and flexible thermal (gas) capacity in the region. The company’s website shows it has mostly hydro and some thermal power plants.
“We see Orazul as the ideal base to develop a balanced power platform across Latin America, providing clean and economical power to fuel growth across the region,” said Viktor Kats, co-head of GIF.
Orazul Energy is an affiliate of Orazul Energy Holdings LLC, an energy platform owned by I Squared Capital. A consortium of investors led by the latter in December 2016 acquired from Duke Energy 2,300 MW of hydro and natural gas power generation capacity, transmission infrastructure and natural gas processing facilities in Peru, Chile, Argentina, Guatemala, El Salvador and Ecuador.