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Duke Energy (DUK) Unit To Buy Hydroelectric Generating Assets In Chile

 December 26, 2012 12:19 PM

(By Balachander) Duke Energy Corp. (NYSE: DUK) announced the acquisition of additional hydroelectric generating assets in Chile for $415 million.

The Charlotte, North Carolina-based energy company said it is purchasing CGE Group's Iberoamericana de Energia Ibener S.A. subsidiary in Chile, including hydroelectric generating assets with 140 megawatts of installed capacity.

The company's Duke Energy International (DEI) unit acquired two run-of-river hydroelectric powerplants – Peuchen and Mampil with combined installed capacity of 140 megawatts.

The electricity generated from these stations feeds into the Central SIC grid at the Charrua 220 Kv transmission system, the company noted.

[Related -Why dividend-paying utilities stocks could lag again in 2014]

DEI has been operating in Chile since July 2012, when the unit acquired the Yungay plant, a 240 megawatt diesel generating facility.

"Chile is an attractive market to grow our business and these assets are an excellent addition to our existing South American hydroelectric power plants," commented DEI President Andrea Bertone. "We will continue to evaluate additional growth projects in Latin American countries, like Chile, where there is strong growth potential and a stable regulatory system."

Shares dropped 0.67 percent to trade at $64.15 on Wednesday. Over the past year, the stock has been trading between $59.63 and $71.13.

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