"Enel has total control over Transnova, through its subsidiaries in that country, Enel Guatemala SA, which controls 98% and Generadora Montecristo SA, which has a 2% share of the renewable energy generation company" reported Dinero.com.
The verification commission has concluded that all of the companies interested in buying the 51% stake in the electricity distributors are eligible to submit bids.
"The commissioners began evaluations on July 14, after the National Authority of Public Services (ASEP) received documentation from companies interested in the stake, including proposals from the existing concessionaires Gas Natural Fenosa and Elektra Noreste SA who wish to continue offering the service," reported Prensa.com.
CEL has filed a motion to quash the ruling that would allow Enel to have a majority stake in LaGeo geothermal plant.
Tóchez Irving, president of the Commission of the Lempa River Hydroelectric Executive, said: "It is inappropriate to put a country’s strategic resource, such as a geothermal plant, into private hands," when presenting the proceedings before the court of appeals in Paris, France.
Changes to the contract with the construction company Odebrecht have enabled the Panamanian government to increase its stake in the plant from 23% to 49%.
Having renegotiated the contract with the construction company Odebrecht, an agreement was reached to establish the shareholding of the state through the Odebrecht (Egesa) and it was also established that the State will not fund cost overruns associated with the rise in the price of building materials.
The Italian company Enel Green Power will be selling its stake in the geothermal electricity station LaGeo, which could end to the dispute between the company and the Salvadoran government.
As outlined in an article on Laprensagrafica.com, a transfer of the 36.2% stake belonging to Enel has been valued at $280 million, payable via a trust based on the future flows from LaGeo, an instrument which must be operational before December 15th, 2014. This trust will be later extended to $480 million, a figure that casts doubts on the total price of the Enel shares.
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