Northland Power finalizes acquisition of 99.2% stake in EBSA

Northland Power Inc. has completed the acquisition of a 99.2% interest in the Colombian regulated utility Empresa de Energía de Boyacá (EBSA) from Fondo de Capital Privado de Infraestructura Brookfield Colombia and BCIF Holdings Colombia II S.A.S. (collectively, Brookfield Infrastructure).

The acquisition was subject to customary working capital adjustments and other closing conditions, including the receipt of approval of EBSA’s proposed tariff by local regulators. The share purchase agreement with Brookfield Infrastructure also included a provision for a purchase price adjustment in the event of a deviation from the proposed tariff.

The Tariff Resolution was issued in December 2019 and pursuant to the share purchase agreement, the purchase price was adjusted to COP2,412 billion (US$722 million) from COP 2,665 billion (US$798 million) and may be subject to further post-closing adjustments following a review of the Tariff Resolution.