Muñiz Ramírez Pérez Taiman & Olaya helped a consortium led by state-owned China Three Gorges (CTG) acquire Peru's third-largest hydroelectric plant from Brazilian group Odebrecht in a US$1.39 billion deal. Sullivan & Cromwell LLP's New York, Hong Kong, Palo Alto, Washington, DC, Beijing and London offices were also involved from the buyer. Odebrecht hired White & Case LLP in New York.

The 462-megawatt Chaglla power plant is located in Peru's central Huánco region. It is managed by electricity generation company Huallaga, formerly controlled by Odebrecht's Latin American investment arm, Odebrecht Latinvest. Huallaga will pass to the Chinese consortium when the sale closes.

According to the Peruvian government CTG will only buy the hydro plant if Odebrecht uses the proceeds to pay off Chaglla's debts. Odebrecht must also use revenue generated by the sale to pay an undetermined fine to the Peruvian government for bribery, which Odebrecht admitted to last year. The Chinese group seized the opportunity to acquire the Peruvian plant as Odebrecht weathers the storm following its involvement in Brazil's Car Wash corruption scandal.

CTG leads a consortium that also includes Chinese energy company Hubei, investment fund ACE and Chinese investment corporation CNIC.

Partners Jorge Muñiz, Andrés Kuan-Veng, Rolando Salvatierra and Jorge Otoya, and associate Guillermo Flores were involved in this transaction.