Restructuring and diversification (1987–2014)

In 1987, the company's board proposed forming a division for each of the parent company's activities. Four subsidiaries were therefore created to be managed as business units each with its own objectives, thus expanding the company's activities toward other non-regulated activities but linked to the main business. This division was approved by the extraordinary shareholders meeting of November 25, 1987, which defined its new corporate objects. Compañía Chilena Metropolitana de Distribución Eléctrica S.A. thus became an investment holding company.^[6]

On August 1, 1988, by virtue of that agreed at the General Extraordinary Shareholder's Meeting of April 12, 1988, one of the corporations born out of the division changed its company name to Enersis S.A. The same year, and with the purpose of successfully facing the challenge of development and growth, the company was divided into five business units, which gave rise to five affiliates.

Of these, Chilectra and Río Maipo took charge of electric power distribution; Manso de Velasco concentrated upon engineering and electric construction services, as well as real estate administration; Synapsis took care of the information technologies and data processing area; while Diprel focused upon lending electric product supply and marketing services.

In the General Extraordinary Shareholder's Meeting of April 11, 2002, the corporate purpose of the company was modified, introducing the activities of telecommunications and the investment in and administration of companies having telecommunications and information technologies and business intermediation through the Internet as corporate purposes.

Acquisition by Enel (2014–present)

Enel Américas corporate building in Brazil

In October 2014, after Endesa was acquired by Enel, Enersis S.A became controlled by Enel. The company underwent a corporate restructuring process that began in April 2015 and ended in December 2016. The restructuring consisted in separating the electric power generation and distribution activities developed in Chile, from the rest of the countries. In this way, Enel Americas S.A. was created, a company continuing Enersis with activities in Argentina, Brazil, Colombia and Peru, and Enel Chile S.A.

Today, Enel Americas S.A. is one of the largest private electric power companies in Latin America, in terms of consolidated assets and operational income, which has been achieved through a stable and balanced growth in its electric power businesses: generation, transmission and distribution.

The merger by absorption of the subsidiaries Emgesa S.A. ESP (Absorbing company), Codensa S.A. ESP, Enel Green Power Colombia S.A.S. ESP y ESSA2 SpA (Absorbed companies) took place on March 1, 2022. The new corporate name of the merged company is Enel Colombia S.A. ESP, a company in which Enel Américas holds a 57.345% stake as a result of this operation.^[7]

Capital increase

In April 2019, the Extraordinary Shareholders' Meeting approved a US$ 3 billion capital increase. The proceeds were used to conclude the purchase of AES Eletropaulo – the biggest distribution company of South America, with 7.2 million clients, in the city of São Paulo, Brazil – and to restructure Enel Brasil's pension fund liabilities related to the aforementioned purchase.^[8]

In September 2019, the capital increase was successfully concluded with a subscription of approximately 99.5% of the total shares.^[8]

Integration of non-conventional renewable energy business

On December 18, 2020, the Company's Extraordinary Shareholders’ Meeting approved the Merger by incorporation of EGP Américas into Enel Américas by a large majority, allowing the latter to control and consolidate the ownership of the renewable energy business and generation assets that Enel Green Power develops and owns in Central and South America (except Chile).^[1]

The merger was effective as of April 1, 2021. Delisting on the New York Stock Exchange and Deregistration with the SEC. On May 31, 2022, the intention to delist the stock from the New York Stock Exchange (NYSE) and deregister Enel Américas with the Securities and Exchange Commission (SEC) was announced.^[9] The ADRs were delisted on June 20 from the NYSE and after a month of trading on the Over the Counter (OTC) market, the ADR program was officially cancelled on July 21, 2022. On November 2, 2022, a Form 15F was filed with the SEC, formally requesting the deregistration of the company from the SEC. This process was completed and was informed through an essential fact on February 1, 2023.^[10]

Asset rotation policy

On June 9, 2022, a share purchase agreement was signed with ENEVA S.A., through which Enel Brasil sold 100% of the shares issued by CGTF - Central Geradora Thermoeléctrica Fortaleza S.A. ("Termofortaleza"), a gas-fired generating subsidiary. On August 23, the sale of the asset was completed. This sale was part of the Company's decarbonization policy.^[11]

On July 28, 2022, it was announced that Enel Brasil S.A. (a subsidiary of Enel Américas) was receiving expressions of interest for the acquisition of its stake in Enel Distribución Goiás. On September 23, 2022, a purchase and sale agreement was signed with Equatorial Energia S.A., to sell 99.9% of the shares of Enel Distribución Goiás. On December 29, 2022, the disposal of the asset was materialized.^[12]

On November 22, 2022, the controller, Enel SpA, published its Strategic Plan 2023-25, where it indicated its intention to sell all its operations in Argentina and Peru, and to sell the distribution company Enel Ceará in Brazil.^[13]

To date (March 2023), the sale of Central Costanera and Central Dock Sud, both generating companies in Argentina, has been completed, leaving pending the last generating company El Chocón, and for the distribution business, the company Edesur.^[14] The processes of expressions of interest for the assets in the generation and distribution business in Peru have already been initiated, together with the process of Enel Ceará in Brazil.^[13]