After when work for the construction of 2.4 GW Ituango hydro project was suspended, Empresas Publicas de Medellin (EPM) received a COP1trillion credit line. The funds came from Bancolombia with 3-year repayment term. The said funds will be available for 2 years to stabilize cash flow of EPM.
EPM also received approval from the city government of Medellin to contract with international lenders up to US$750 million. EPM can now sell assets up to US$1.3B within and outside Colombia.
In April, huge flooding caused damage to the structural integrity of the facility. EPM is now conducting a study into the cause of construction problem. The project's operations will be delayed by at least 3 years to December 2021.
It was estimated that the cost of the project before the problem is at US$4B. It forecasts the total cost of the emergency will reach COP7T, including US$1.3B in lost energy sales, US$630M in repair works and US$314M in contingency expenses.
Country updates
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November 21, 2018
CTG and EDP acquire a hydroelectric project in Talasa
China Three Gorges (CTG) and Energias de Portugal (EDP) acquired a 20% stake in the hydroelectric power plant project in Talasa, Colombia. The acquisition was conducted through Hydro Global....
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November 20, 2018
250 MW wind project gets approval in Colombia
The Alpha Wind Energy Generation project was granted an environment license from national authority ANLA. The wind farm would include 65 wind turbines producing up to 250 MW in the village of Limoncit...
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October 29, 2018
Celsia closes control over Begonia Power
Celsia S.A E.S.P., an energy company of the Argos Group has acquired the control of the company Begonia Power S.A.S E.S.P upon reaching a 57.65% stakes in its social capital. The acquisition of contr...
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September 11, 2018
EPM discloses progress of reconstruction of 2.4 GW Ituango hydroelectric dam
Empresas Públicas de Medellín (EPM) has disclosed to Superfinanciera, Colombia’s financial market regulator, its progress in reconstructing the 2.4 GW Ituango hydroelectr...
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September 10, 2018
EPM to sell US$1 billion assets to fund 2.4 GW hydropower project
Empresas Publicas de Medellin E.S.P (EPM) has announced an asset divestment programme expected to raise between COP3.5 trillion and COP4 trillion (US$1.13 billion and US$1.29 billion) to fund the comp...
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