The Government of Nicaragua hopes that within a week it will sign an agreement to by 16 per cent of Unión Fenosa

The Government of Nicaragua hopes to sign a memorandum of understanding before month-end with Union Fenosa to acquire 16 percent of the shares of its affiliate in Nicaragua, Emilio Rappaccioli, Minister of Energy and Mines, has said.

Thursday, April 24, 2008

The ministry said that the government of Daniel Ortega wants to have a representative on the board of directors who will be more than a figurehead. "If we're going to get involved it's because we're going to have an influence that benefits the country and the electrical sector," he said.
Rappaccioli said the shares would be paid for by forgiving a debt owed to the government by Fenosa that he estimates to be about 12 million dollars.

More on this topic

Nicaragua buries hatchet in US$10.2 million deal with Fenosa

May 2008

The Nicaraguan government and Spain's Unión Fenosa closed a stormy chapter in their relationship with a deal in which the government is to take a 16 percent stake in Fenosa.

In return the government will write off the US$10.2 million debt that it is owed by Fenosa, the country's leading distributor of electricity.

Nicaragua rules out Evo Morales-style grab of Unión Fenosa

May 2008

Nicaragua has no plans to nationalize the Spanish electricity company Unión Fenosa in the way that Bolivia's president, Evo Morales, has expropriated foreign energy companies, Nicaraguan Foreign Minister Manuel Coronel said.

"We haven't thought about that kind of nationalization because that's not the government's line at the moment," Coronel said.

Union Fenosa says it is waiting for Nicaragua to sign the purchase

April 2008

The president of Union Fenosa, Pedro López Jiménez, said today in Madrid that his company is waiting for the Nicaraguan government to sign the agreement to close the deal for the sale of 16 per cent of its electrical business in Nicaragua.

"The situation is that there is an agreement prepared that lacks only the signature," López said following a shareholders meeting.

Ortega still waiting for seat on Fenosa board

April 2008

Nicaraguan President Daniel Ortega said his government is still waiting to have a seat on the board of the local unit of Unión Fenosa, as previously agreed with the Spanish power company.

Emilio Rappacioli, the energy minister, announced recently that Fenosa had agreed to the government taking a 16 percent stake and a seat on the board of the unit, which distributes electricity throughout Nicaragua.

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