Colombia delays Isagén tender 1 year

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Tuesday, August 12, 2014

Colombia's finance ministry delayed the sale of the government's 57.6% stake in local power generator Isagén, a ministry release said on Tuesday.

The decision was made based on a number of potential buyers asking for more time to evaluate the purchase, and will allow the tender to attract more participants and potentially more lucrative offers for Colombia, said the ministry.

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Isagén, Colombia's third largest generator by capacity, is set to complete the 820MW Sogamoso hydroelectric plant. The project's completion will clear up a lot of uncertainty for potential buyers, it added.

Prior to the announcement, Isagén was scheduled to be tendered on August 22. The tender faced a series of legal hurdles from opponents and the exit of numerous potential bidders. Most recently US firm Duke Energy announced its exit, leaving only France's GDF Suez and China's Huadian Corporation as bidders.