Orygen Perú S.A.A.

What it is

Orygen is Peru’s second-largest power generation platform, with 2.3 GW of installed capacity spread across wind and solar (28%), hydroelectric (34%), and thermal gas (38%) assets. The portfolio includes five hydroelectric plants on the Santa Eulalia and Rímac river basins near Lima, two gas-fired thermal plants in Lima and Ventanilla, two solar plants in Moquegua, and two wind farms in the Ica region.

Orygen holds roughly a 40% share of Peru’s power generation market, making it the single largest producer in the country. The company was formerly known as Enel Generación Peru S.A.A.

and changed its name to Orygen Perú S.A.A. in July 2024.

Who owns it

In May 2024, following a public tender offer on the Lima Stock Exchange, Niagara Energy S.A.C. was awarded 92.35% of the share capital — leaving a free float of roughly 7.65%.

In March 2026, Actis completed the sale of Orygen to Grupo Romero, one of the most prominent financial and industrial conglomerates in Peru, through an affiliate managed by InfraCorp, Grupo Romero’s energy and infrastructure investment platform.

The transaction was structured as the acquisition by InfraCorp of 100% of the equity in Niagara Generation, the controlling entity above Niagara Energy S.A.C., which in turn holds the 92.35% stake in the listed company. The purchase price was not disclosed in available sources.

Who runs it

Marco Fragale was appointed Chief Executive Officer at Orygen’s launch, having previously held numerous roles for Enel across Latin America, including in Peru. Since September 2024, Daniel Isaza has served as CFO; he brings more than 23 years of experience in corporate finance, investment banking, and infrastructure project structuring.

The board chair is not disclosed in available sources. The company operated with just 33 employees as of 2024 — a deliberately lean head-office model for a business of this scale, with most operational staff embedded at plant level.

The money, in plain words

In the trailing twelve months, Orygen took in PEN 2.59 billion (~USD 758 million) of revenue and kept PEN 788 million (~USD 231 million) as net profit — about 30 cents of profit from every sol of sales, a net margin of ~30.4% (our calculation), which is strong even for a power utility with captive infrastructure assets. Return on equity — what owners earn on every sol they have invested in the business — stands at 22.3%, a healthy number for a regulated-asset company.

The company carries no reported financial debt and holds PEN 491 million (~USD 144 million) in cash — a net cash position (our calculation) that provides breathing room for the capital programme ahead. Shareholders currently receive an annual dividend of PEN 0.22 (US$0.06)per share, a dividend yield of about 7.3% — generous by any regional comparison, and possible precisely because the balance sheet carries no bank debt.

What it is doing now

A landmark transaction under Actis’s ownership was the issuance in September 2024 of a USD 1.2 billion, investment-grade ten-year bond — the largest single-tranche private corporate bond ever placed by a private company in Peru at the time. Actis also delivered the 177 MW Wayra 2 wind farm and started construction on a 100 MW solar project called Wayra Solar.

Orygen has announced a USD 1 billion investment plan over five years to build more than 800 MW of additional renewable projects. The commissioning of the Wayra Extension wind farm has already pushed Orygen’s renewable and hydroelectric share to 60.5% of total generating capacity.

What to watch

• Ownership transition: Orygen was formally acquired by Grupo Romero in March 2026; how the new owner reshapes strategy, leverage, and dividend policy is the central question for shareholders in the minority free float.
• Renewables build-out: The company has a 12 GW development pipeline of potential renewable projects; execution speed and capital allocation will determine whether that ambition translates into earnings.
• Hydrology risk: Hydroelectric output depends on rainfall and reservoir levels in the river basins where its plants sit — a dry year compresses both production and margins.
• Revenue seasonality: The company reported a net sales revenue drop of 28.5% in Q1 2026 versus the prior period, a reminder that quarterly figures can swing sharply with hydrology and gas prices.

This is news, not investment advice.