Colombia's GEB outlines US$2bn investment plan

Grupo Energía Bogotá (GEB) will allocate US$2bn to capital investments over the next five years as it prioritizes new acquisitions and transmission projects, executives said on Thursday. 

The company expects to outlay US$969mn this year, US$432mn in 2023, US$265mn in 2024, US$231mn in 2025 and US$109mn in 2026. 

"[We have a] balance between operational spending and acquisitions that strengthens the group's investment profile," CFO Jorge Tabares told investors in a quarterly earnings call. 

Acquisitions account for US$582mn of GEB's 2022 budget – around 60% of the total – while transmission projects will require US$176mn. Another US$130mn are set aside for Peruvian gas unit Calidda and US$32mn for Colombian gas subsidiary TGI.

Transmission projects will be the leading recipient thereafter with US$170mn in 2023, US$175mn in 2024, US$140mn in 2025 and US$53mn in 2026. 

Most of the firm's acquisitions are taking place in Brazil, where it bought controlling stakes in five transmission concessionaires in August.

GEB is also seeking opportunities in Colombia's solar, wind and hydrogen segments as part of its partnership with Italy's Enel. In addition, it is looking to expand the Latin America-wide asset portfolio in Central America. 

Earlier, the multi-utility reported consolidated net income for January-October of 2.1tn pesos (US$424mn), a 12% year-on-year increase.