On September 30, 2019, CYPC announced that it had successfully acquired 83.6% equity of Peru’s Luz del Sur S.A.A. (LDS) through the public sale procedure. On April 24, 2020, CYPC successfully completed the transaction. LDS is the largest distribution company in Peru. It mainly carries out power distribution business in Lima, capital of Peru, accounting for about 29% of the national market share in Peru, ranking first. In addition to the distribution business, LDS also has 100,000 kilowatts of hydropower assets that have been put into operation, and about 740,000 kilowatts of high-quality hydropower pipeline projects.
After the equity delivery, CYPC overcame the disadvantages of the COVID-19 pandemic, economic downturn in Peru, devaluation of Sol and etc. By dispatching a management & control team and CFO to the site, following the principal of “one corporation, two systems” and “professionalization, marketization and localization”, CYPC gives full play to the key role of the board of directors, continuously strengthens the management & control and guarantees the stable operation of LDS.In 2023, Luz del Sur S.A.A. (LDS) gained revenue of approximately CNY 8.6 billion and total profits of approximately CNY 2.1 billion. In 2023, LDS distributed a total of approximately CNY 970 million in terms of dividends.
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