Press release
Funds managed by Ashmore Management Company (“Ashmore”), a subsidiary of Ashmore Group plc, have acquired Ergon Peru S.A.C and Tre Peru S.A.C., the leading rural electrification companies in Peru.
Lima, Peru, October 30 2024
Ashmore is pleased to announce the acquisition of Ergon Peru S.A.C. (“Ergon”) and TRE Peru S.A.C. (“TRE”), via its third private equity fund in Latin America, Fondo Ashmore Andino III-FCP and Ashmore Andean Fund III-LP. The transaction comprises two fully operational rural electrification concessions dedicated to install, operate and maintain photovoltaic kits located in off-grid communities, schools and healthcare facilities across the most underserved areas of Peru. The terms of the transaction were not disclosed.
This transaction reinforces Ashmore’s commitment to social infrastructure and climate-focused investments. We look forward to collaborating closely with Ergon and TRE’s management teams, employees and stakeholders to support the development of rural electrification and renewable energy promotion in Peru.
About Ergon and TRE
Ergon is the largest rural electrification company in Peru, which manages three RER concession contracts with the Peruvian government until 2034. Ergon has the obligation to design, install, operate and maintain 208k photovoltaic kits, all installed as of today. TRE has two businesses: (i) routine and major O&M service to Ergon and (ii) operate an indefinite term concession for the design, installation, operation and maintenance of 14k photovoltaic kits. Both companies’ operations impact a broad number of sustainable development goals, either by directly incorporating them in their activities such as providing affordable clean energy, or indirectly through the consequences of their activities, for example by reducing social inequalities.
About Ashmore Management Company (“Ashmore”)
Ashmore Management Company is a subsidiary of Ashmore Group plc, with offices in Bogotá, Colombia and Lima, Perú. The company is a Private Equity Asset Manager that invests in infrastructure and infrastructure-related assets. Its Office in Peru, opened in 2016 and since then, it has been focused on executing transactions as well as managing and overseeing portfolio companies for Fund II and Fund III.