Actis, a global investor focused on sustainable infrastructure in growth markets, has completed the sale of Orygen, one of Peru’s largest and most diversified power generation companies. The buyer is Grupo Romero, a major Peruvian conglomerate, which acquired the business through an affiliate managed by InfraCorp, its energy and infrastructure investment platform.

Orygen is the second-largest power generation platform in Peru, with a total installed capacity of 2.3 GW. Its portfolio is diversified across different technologies, including wind and solar assets that account for 28 percent of capacity, hydroelectric assets at 34 percent and thermal gas generation making up the remaining 38 percent. Under Actis’ ownership, Orygen grew its position as one of the country’s leading electricity producers and became the largest renewables portfolio in Peru.

The roots of Orygen trace back to 2024, when Actis acquired Enel’s interest in Enel Generación Perú along with the full ownership of Compañía Energética Veracruz. Actis carved these operations out from Enel and established Orygen as an independent power producer with a focus on providing reliable and cleaner energy for Peru’s expanding economy. The company invested in developing the leadership team and advanced a comprehensive value-creation strategy. This included efforts in digital transformation, commercial repositioning, capital structure improvements and targeted growth initiatives.

During its ownership period, Actis oversaw major renewable energy developments. These included the completion of the Wayra 2 wind project with a capacity of 177 MW and the start of construction for Wayra Solar, a 100 MWp solar plant. Orygen also expanded its development pipeline. On the commercial side, the company sourced more than 1.7 TWh of renewable electricity from third-party developers over the past 12 months. This helped strengthen its offering for commercial and industrial customers while supporting the wider expansion of wind and solar generation in Peru.

A key achievement under Actis’ stewardship was the successful issuance of a US$1.2 billion, investment-grade, ten-year bond in September 2024. This was the largest single-tranche corporate bond ever placed by a private company in Peru at that time, and it also represented the largest capital-markets debt raise completed by Actis. The financing significantly improved Orygen’s balance sheet and demonstrated strong investor confidence in the company’s strategy, asset quality and long-term potential.

Together, these initiatives positioned Orygen as a major national player in Peru’s power sector. Actis’ original plan centered on optimising the portfolio, expanding renewables and strengthening the balance sheet. With the successful execution of this strategy and Orygen’s rapid growth, Actis achieved an accelerated exit through the sale to Grupo Romero. Nicolas Escallon, Managing Director of Energy Infrastructure at Actis, noted that Orygen represented the type of opportunity the firm aims to pursue: identifying high-quality assets early and applying operational and financial expertise to unlock further value. He highlighted that within less than two years, Actis transformed Orygen into a market leader and generated strong returns for its investors.

Alberto Estefan, also Managing Director of Energy Infrastructure at Actis, said that the acquisition and carve-out of Orygen offered an attractive opportunity to build an independent market leader. He pointed to key achievements such as new renewable projects, record EBITDA growth over two years, a stronger management team and improved capital structure. He added that Actis continues to see Latin America as one of the most promising regions for energy investment, supported by strong demand growth, favorable market conditions and a robust pipeline of opportunities. Since its inception, Actis has invested US$11 billion in the energy sector and currently manages US$8.5 billion in energy assets. The firm has built, operated or contracted around 42 GW of energy capacity globally and completed more than 50 exits across its real-assets portfolio.