Tensions rise over Isagen privatization as EEB criticizes process
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
EEB said it was subject to the requirements even if it
sought a minority position.
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