For Immediate Release

ACON Investments Announces the Sale of Hidrotenencias

Washington, DC, July 11, 2018 – ACON Investments, L.L.C. and its affiliates (“ACON”) announced that its third Latin American-focused private equity fund, ACON Latin America Opportunities Fund, L.P. and ACON Latin America Opportunities Fund-A, L.P., has completed the sale of its portfolio company, Hidrotenencias, S.A (“Hidrotenencias” or the “Company”), to EnfraGen Spain, S.A., a subsidiary of Glenfarne Group, LLC (“Glenfarne”).

Hidrotenencias owns and operates three run-of-the-river hydro power plants located at the Piedra River, in the Chiriqui province of Panama. Each of the plants is located in the same river on a cascade arrangement. The Company started operations in 2008 and is headquartered in Panama City, Panama.

ACON invested in the Company in partnership with the founding shareholders, who remained as minority investors and operating partners. During ACON’s investment, the Company tripled its installed capacity, secured long-term PPAs, engaged in regional energy trading and obtained financing in the public markets through a series of bond offerings. Under the leadership of Alejandro Hanono as CEO, the Company had an outstanding record of performance in spite of a challenging price environment and variant hydrology conditions. “We are very proud of Alex, the Hidrotenencias team and our achievements in this investment. We are confident that this success will continue under the ownership of Glenfarne, an experienced and highly qualified operator of power assets in the region,” said Jorge Dickens, Managing Partner at ACON.

“This investment is a clear example of ACON’s continued effort to promote high environmental and social standards in its portfolio companies in the region,” added Mauricio Cortes, Managing Director at ACON. “We look forward to seeing the Company and its management team continue to thrive as responsible leaders in the growing regional power market,” concluded Mr. Cortes.

UBS Investment Bank served as financial advisor to Hidrotenencias, Morgan & Morgan served as its local legal advisors and Hogan Lovells LLP served as its U.S. legal advisors.

Terms of the transaction were not disclosed.

About ACON Investments
Founded in 1996, ACON Investments, L.L.C. is a Washington, DC-based international private equity investment firm that manages private equity funds and special purpose partnerships that make investments in the United States and Latin America. ACON is responsible for managing approximately $5.3 billion of assets with a diverse private equity portfolio. ACON has professionals in Washington, DC, Los Angeles, Mexico City, São Paulo and Bogotá. For more information, visit

Midhat Pawlak
ACON Investments, L.L.C.
(202) 386-9767