Franklin Park to invest US$100mn

Thursday, June 12, 2003

US-based energy investment group Franklin Park Energy plans to invest US$100mn in selected projects across Latin America, Franklin CEO Tom Tribone said in a written response to BNamericas questions.

Franklin Park is a new company that focuses on owning and operating energy facilities in the US and Latin America, Tribone explained, adding that it is backed by its own capital and that of several private equity groups.

"We have a team of very experienced energy people including several former utility CEOs. As a group we have deployed over US$25bn in the global energy sector and almost US$10bn in Latin America," he said.

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"We are interested in the region as a whole. Our first transaction was Cemar in Brazil. FPE signed a definitive agreement to purchase the company from [US power company] PPL However, before we closed that deal the government of Brazil removed PPL and took over Cemar," he added.

Tribone would not comment on media speculation in Brazil that Franklin Park Energy bought an economic interest in Minas Gerais-based Cemig from US-based Mirant. Although it sold its economic interest, Mirant retains certain voting rights in line with agreements with Brazil's national development bank BNDES and the state government.