Colombia's Electricaribe secures funds to guarantee power supply

Friday, November 10, 2017

Colombian state-backed infrastructure lender Findeter has approved a 120bn-peso (US$40mn) credit facility to guarantee electricity supply to customers of financially stricken utility Electricaribe.

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The announcement comes seven months after public services regulator Superservicios ordered the liquidation of the company, which is controlled by Spain's Gas Natural Fenosa.

"This credit will provide important relief in the investment plan which we so badly need the Caribbean region," Eduardo Verano, the governor of Colombia's Atlántico department was quoted as saying by Caracol radio.

"The funds are available. We have to work on a financial plan so that we can secure the guarantees needed for the banks."

Verano said a new operator would need to invest around US$500mn in maintenance and expansion works.

Superservicios took over Electricaribe in November to guarantee electricity supply.