Costa Rica-based Grupo Saret aims to become one of the leading players in electricity generation in Central America.
Saret aims to seek a partner with experience in the industry so it can compete with companies such as Enel of Italy and Spain's Unión Fenosa.
Already it has plans to build several plants in southern Costa Rica, as well as in northern Panama and Nicaragua.
President Oscar Arias eliminated by decree the obstacle that would have denied water licenses to hydroelectric producers. At the same time he's seeking more private investment in the sector.
"With the decree the government has eliminated the problem and now there is no obstacle to increasing private participation in the electrical market," said Roberto Dobles, the energy and environment minister.
Right in the middle of an energy crisis, this country is allowing its hydroelectric power company concessions to expire.
The first concession to use water for producing electricity has expired This means the owner of the el Cedral plant in Ciudad Quesada must shut it down. This project has been providing energy in the north since the early 1960s.
As well, three other permits are due to expire this year.