WASHINGTON, March 12, 2012 /PRNewswire via COMTEX/ ?ACON Latin America Opportunities Fund (?ALAOF?), a private equity investment fund managed b? ?n affiliate of ACON Investments LLC, (?ACON?), announced today th?t it h?? led a consortium of co-investors th?t includes th? Netherlands Development Finance Company (?FMO?) (Dutch development bank) and Societe de Promotion et de Participation pour la Cooperation Economique (?PROPARCO?) (French development bank) t? invest in a controlling stake in Hidrotenencias, S.a. (?Hidrotenencias? ?r th? ?Company?). Asergen, S.C., th? ??r???t developer of mini-hydro projects in Mexico, will support th? Company with technical and operational assistance. Financial terms of th? transaction were n?t disclosed.
Hidrotenencias currently owns three r?n-?f-th?-river hydroelectric projects located in th? Chiriqui province, western Panama, with a total capacity of 30MW. Each of th??? power plants h?? ?n installed capacity of 10MW. its first plant ?t?rt?? operations and h?? b??n generating since 2008, wh??? two n?w plants ?r? expected t? start operations b? th? end of th?? year. in addition t? completing th? current projects, th? Company h?? ?n identified pipeline of renewable energy projects t? further grow Hidrotenencias in Panama and other countries in Latin America. Banco General, S.a. and Banco Aliado, S.a. provided debt financing in connection with th? development of th? projects.
?Latin America ?? a region of th? world with a very high potential f?r hydro power generation. within Latin America, Panama ?? th? fastest growing economy and one with limited access t? fossil fuels,? ???? Jorge Dickens, a Partner ?t ACON. ?W? ?r? very enthusiastic ?b??t th? possibilities of th?? investment and delighted t? partner with FMO, PROPARCO, Asergen and th? group of local investors and lenders t? develop Hidrotenencias ?? a regional renewable energy platform.?
?W? ?r? very pleased t? join ACON and th? Hidrotenencias? local investors t? provide ????n energy th?t meets th? highest standards f?r efficiency and protection of th? environment t? support economic growth in Panama and th? region. Th?? partnership will enhance our commitment in th? region t? promote renewable energy and fight against climate change. Th? three existing hydro projects will h??? avoid 60,000 tCO2eq emissions per year,? ???? Etienne Viard, Chief Executive Officer of PROPARCO. ?W? ?r? excited t? participate in th? Hidrotenencias investment wh??h contributes t? th? expansion of reliable and ????n access t? energy in Panama. we look forward t? continue t? support th? company in its development ?nt? a broader platform f?r renewable energy generation in th? region,? ???? Jurgen Rigterink, Chief Investment Officer of FMO.
?Th?? partnership with ACON opens ?n array of opportunities f?r Hidrotenencias b? providing additional capital and experience t? expand th? portfolio of renewable energy assets throughout th? region. we ?r? currently evaluating additional opportunities t? achieve th?? goal,? ???? Alejandro Hanono, President of Hidrotenencias, who h?? led th? development of th? Company since it was founded 8 years ago. ?A? a committed long-term investor with 16 years of experience investing in Latin America, we believe ACON ?? ?n ideal partner ?? we continue in our path of profitable growth.?
Th? Woodbridge Group LLC acted ?? financial advisor t? Hidrotenencias ?n th?? transaction.
ACON was one of th? earliest private equity firms t? invest in Latin America and h?? invested successfully in both energy and energy services, wh??h continue t? be ACON?s most significant target sectors both in Latin America and th? US. in 2007, ACON invested in th? ??r???t manufacturer of electricity transmission towers in th? western hemisphere, SAE Towers, wh??h was sold t? KEC International in September 2010. in addition, over th? last decade, ACON h?? invested in a number of energy and energy services companies including, Mariner Energy, Signal International, Chroma Oil &Gas, Milagro Exploration, Northern Tier Energy and Saga Resources, ?m?n? others.
Hidrotenencias ?? th? fourth investment completed b? ALAOF, wh??h h?? a final close in February 2011. in July, ALAOF closed ?n investment in Grupo SALA one of th? ??r???t waste management companies in Colombia. in October 2010, ALAOF completed ?n investment in Invercap, a holding company th?t owns and operates one of th? leading private pension fund managers in Mexico. Early in 2010, ALAOF made ?n investment in Credivalores, th? ??r???t non-bank consumer lender in Colombia. A? ??rt of its investment strategy, ALAOF ?? actively seeking t? complete additional investments throughout Latin America.
Ab??t ACON Investments
Founded in 1996, ACON Investments ?? a private equity investment firm focused ?n th? middle market in both th? United States and Latin America th?t h?? managed approximately $2.25 billion of capital through various funds. ALAOF ?? ACON?s third institutional pool of capital focused ?n Latin America. Th? Fund invests throughout th? region with a focus ?n industries ?r companies ?t key inflection points in their development and pursues th??? opportunities in close partnership with established management teams. Headquartered in Washington, D.C., ACON h?? offices and investment professionals throughout th? Americas including Mexico City and Sao Paulo ?? well ?? in Madrid, Spain.
aconinvestments.com
FMO (th? Netherlands Development Finance Company) ?? th? Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets b? investing in ambitious entrepreneurs. FMO believes a strong private sector leads t? economic and social development, empowering people t? employ their skills and improve their quality of life. FMO focuses ?n four sectors th?t have high development impact: financial institutions, energy, housing, and agribusiness. with ?n investment portfolio of EUR 5 billion, FMO ?? one of th? ??r???t bilateral private sector development banks.
PROPARCO ?? a Development Finance Institution jointly held b? Agence Francaise de Developpement (AFD) and public and private shareholders fr?m th? North and South. its mission ?? t? catalyze private investment in emerging and developing countries with th? aim of supporting growth, sustainable development and th? achievement of th? Millennium Development Goals (MDGs). PROPARCO finances investments th?t ?r? economically viable, socially equitable, environmentally sustainable and financially profitable. PROPARCO ?? one of th? main bilateral development finance institutions in th? world. it invests ?n four continents encompassing th? major emerging countries and th? poorest countries, particularly in Africa, and h?? a high level of requirements in terms of social and environmental responsibility.
Ab??t Asergen, S.C.
Based in Mexico City, ASERGEN ?? Mexico?s leading developer and operator of small hydro projects. Starting in 1999, it h?? built, operated and sold 3 power plants and h?? 6 additional plants in various stages of development.
Jorge Dickens, ACON Investments +1 (202) 454 1137
Mauricio Cortes, ACON Investments, +52 (55) 5570-6476
SOURCE ACON Investments
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