LIMA, March 21 (Reuters) - Niagara Energy is launching a

bid to buy up to the entirety of shares in Enel Generacion Peru,

a South American power generation subsidiary of Italian utility

Enel, the Lima stock exchange said in a statement on Thursday.

Enel had in November announced a deal to sell the

unit for around $1.4 billion.

The offer is priced at $0.47 per share, is valid for 20 days

and is conditional on some 87% of shares being sold, the

exchange said.

The offer marks a discount from Enel Generacion Peru's

current share price, which closed on Wednesday at 2.11 soles

($0.57) and by 11:00 a.m. (1600 GMT) on Thursday was down 6.2%

at 1.98 soles ($0.53) per share.

The deal comes after Peru's antitrust regulator last

month approved the sale of Enel's Distribucion Peru and Enel X

Peru units to China's Southern Power Grid International, a

transaction it announced nearly a year ago for some $2.9

billion.

($1 = 3.6980 soles)