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Colombia's ISA reactivating US$4bn project pipeline

Bnamericas Published: Thursday, May 14, 2020
Colombia's ISA reactivating US$4bn project pipeline

Colombia's Interconexión Eléctrica (ISA) has maintained a 14.8tn-peso (US$4.36bn) five-year investment target as it ramps up its project reactivation plan in the wake of COVID-19 shutdowns.  

In a quarterly earnings call on Wednesday, executives said the company is on track to outlay US$1.84bn this year, mostly to energy projects in Colombia, Peru and Brazil.

A further US$1.2bn has been allocated for 2021, US$664mn for 2022, US$376mn for 2023 and US$284mn for 2024. 

"There are some movements in capex from 2020 to 2021, but we hope that in the [2020-24] period we don't have to change the plan," chief executive Bernardo Vargas said.

The comments came as ISA reported a 7% year-on-year rise in first-quarter net earnings to 379bn pesos, boosted by higher operating revenue. 

Vargas said the company's diverse business model and sprawling geographical presence meant it could cope with the impact of the COVID-19 crisis better than many of its rivals. 

In Colombia, where strict lockdowns were imposed in most cities on March 20, the company has already restarted work on its Situ, Ceco, TR Ocaña and Triple A projects. 

Construction of the Plex 8 transmission line in Chile resumed on May 11 and the company expects to recommence work on the Plex 6 and Plex 7 grid links on May 18. Its Quellaveco and PetroPerú projects are also slated to restart on May 18. 

Meanwhile ISA said it remained hopeful of participating in a Colombian energy storage capacity auction, pending the publication of terms and conditions by energy ministry planning unit UPME

"We are interested and prepared to participate but unfortunately UPME hasn't given us a sign," Vargas said. 

ISA said it hopes to finalize the acquisition of the Costera road concession from Cartagena to Barranquilla by the end of July or early August.

Source: ISA


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