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Tensions rise over Isagen privatization as EEB criticizes process

Feb 25, 2014

Empresa de Energia de Bogotá has slammed “exorbitant and unprecedented” requirements to bid for Isagen

Empresa de Energia de Bogotá filed an appeal on Friday against "exorbitant and unprecedented" requirements for it to bid for Colombian power generator Isagen.

It slammed the requirements, set down by the ad-hoc trade and industry superintendent, as being based on "foreign interpretations that don't apply in the Colombian context", saying they put at risk the future of the country's energy market.

EEB said it was subject to the requirements even if it sought a minority position.

The Colombian government is selling its 57.7% stake in Isagen. EEB said earlier in the month that it was looking at clubbing together with other potential purchasers - through a consortium agreement or risk-sharing deal - to bid for the firm.

Another Colombian, Grupo Argos, has pulled out of the bidding, saying that, at the COP3,178 ($1.55) per share price the finance ministry is seeking, the returns on offer would not be high enough.

International firms are understood to also be looking at bidding for the Isagen stake. LF

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