Empresa Electrica de Guatemala Being Sold

According to reports, the Spanish utility Iberdrola is in discussions to sell its shares in Empresa Electrica de Guatemala SA (EEGSA) to Colombian company Eléctrica de Medellín (EDM).

Tuesday, October 19, 2010

Iberdrola's decision would be related to the reduction of tariffs in over 50% approved by the National Energy Commission (CNEE) in June of 2008. In November 2009, Iberdrola sued Guatemala with an international arbitration proceeding for $ 672 million, questioning the reduction.

El Periódico de Guatemala reported that’s negotiations with the Colombian company, who already operates in the country, would be in an advanced stage and the due diligence process complete.

Iberdrola owns 39.4% of shares of EEGs, while the state owns 14%.

More on this topic

Colombian Investments in Central America

January 2011

EPM Group bought to Ashmore Energy International electricity distribution company ENSA of Panama and DELSUR of El Salvador for $ 200 million.

The Corporate Group EPM (Empresas Públicas de Medellín) is dedicated to providing public services related to electricity, water, sanitation and telecommunications, through 12 subsidiaries. It is owned by the Municipality of Medellín, governed by Colombian commercial law.

TECO Energy Sues Guatemala

November 2010

The U.S. Corporation, a former shareholder of Empresa Eléctrica de Guatemala (EEGSA), sued the country before the ICSID in Washington.

The process is similar in its content to the one initiated by Spanish company Iberdrola (also a former shareholder of EEGSA) in December 2009, before the same institution, the International Center for Settlement of Investment Disputes (ICSID).

EPM Buys Guatemalan Utility Company for $ 635 million

October 2010

Colombian Group EPM acquired 80% stake in Empresa Electrica de Guatemala (EEGSA).

Empresas Publicas de Medellin (EPM), leading provider of public services in Colombia, will expand its presence in Central America.

Sigloxxi.com reports, "The sale, according to EEGSA´s manager, Jorge Alonso, was decided by company shareholders, consisting of firms Iberdrola of Spain, Teco Energy and Electricity of Portugal, although the distributor was unaware of negotiation details.”

State of Guatemala Sued for $672 Million

December 2009

The lawsuit was filed by Iberdrola, main shareholder and operator of EEGSA (Empresa Eléctrica de Guatemala, 'Electric Company of Guatemala').

It is the largest in Guatemala's history, and has its root in lack of agreement regarding an energy distribution tax called 'VAD' (Valor Agregado de Distribución), which came into effect on August 2008.

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Business meeting between Central America and the Caribbean, and Chile

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