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Grupo de Energia de Bogota to invest $530 mln in 2017




Petroleumworld.com 03 08 2017

Colombia holding company Grupo de Energia de Bogota will invest $530 million this year across several Latin American countries, sell stakes in certain companies and expand into renewable energy, Chief Executive Officer Astrid Alvarez said on Tuesday.

Some $171 million will go toward energy transmission projects in Colombia, while the remainder is earmarked for investments in Peru, Brazil and Guatemala.

Grupo de Energia, which is controlled by the government of Colombian capital Bogota, is also looking to invest in Argentina and Chile, especially in the natural gas sector, Alvarez told journalists.

"We want to consolidate our transformation as one of the most important Latin American multi-laterals in energy and gas," she said at a presentation in Bogota. "Electricity transmission and communication in Central America will also be important for analysis by the group."

The company is seeking buyers this year for 20 percent of principal affiliate Empresa de Energia de Bogota, leaving it with 56.3 percent. It values the 20 percent stake at 3.35 trillion pesos ($1.1 billion).

Grupo de Energia expects to begin selling off its participation in gas and electricity distributor Promigas , electricity company ISA, food producer Nutresa and Banco Popular bank in April. Taken together those stakes are worth around 1 trillion pesos.

The company is eager to invest in renewable energy, Alvarez said.

($1 = 2,966.67 Colombian pesos)

Reporting by Nelson Bocanegra; Writing by Julia Symmes Cobb; Editing by Lisa Von Ahn from Reuters.

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