Abu Dhabi: Abu Dhabi Investment Authority (Adia), has acquired a 36 per cent stake in Fenix Power Perú, a thermoelectric power generation company in Lima as trade ties between the UAE and Peru grow.

Fenix Power is a power generation company, which owns a 570-megawatt combined cycle power plant in the district of Chilca, south of Lima.

It is responsible for producing 10 per cent of the energy currently consumed in Peru and is also recognised as the most efficient thermal power plant in the country.

The Peruvian investment fund SIGMA holds 13 per cent of Fenix.

“This investment is testament to the strengthening of bilateral ties between the UAE and Peru,” Alvaro Silva-Santisteban, Director of the Trade and Investment Office of Peru in the UAE, said in a statement.

Peru has received up to $1.7 billion in investments from the UAE since 2010, making Peru the second biggest investment destination in Latin America. Total exports from Peru to the UAE have increased by 700 per cent from 2011 to 2014, and from 2014 to 2015 further growth of 30 per cent has been experienced.