(ADPnews) - Dec 10, 2010 - Colombian state-run utility group Empresas Publicas de Medellin (EPM) acquired yesterday 51% in Guatemalan firm Genhidro from Spanish power utility Iberdrola (MCE:IBE) for USD 18.5 million (EUR 13.9m), as agreed in October 2010.
Genhidro is a holding company that groups hydropower assets, including the 10 MW Rio Bobos hydroelectric plant and a stake in the 15 MW El Sala hydroelectric project. Genhidro also holds 3.12% in Guatemalan power utility Hidronorte, which has operated the Rio Bobos plant since 1995.
With the transaction EPM has consolidated its presence in Guatemala and closed the negotiations with Iberdrola in that country.
In October, EPM acquired from Iberdrola the Guatemalan firms Distribuidora Electrica Centroamericana II (Deca II) and Gestion de Empresas Electricas (Gesa).
Deca II is the major shareholder in Empresa Electrica de Guatemala (EEGSA), the largest power distributor in Cental America with over 930,000 customers, EPM said. Also, Deca II holds majority stakes in COMEGSA, the main power commercialisation firm in the region, and in Trelec, Guatemala's second largest power transmission firm.
All transactions, including Genhidro, total USD 326.4 million.
(USD 1.0 = EUR 0.754)