EPM board paves way for ISA stake sale
The board of Colombian multi-utility EPM has approved the sale of the company's 10% interest in power transmission company ISA.
The announcement, made in a filing with Colombia's financial regulator, comes eight months after EPM outlined plans for a raft of asset sales to remain solvent amid construction problems at its Hidroituango dam project.
Proposed divestments include stakes in the Aguas de Antofagasta water company and the Cururos wind farm, both in Chile, and minority interests in pipeline operator Promioriente and gas distributor Gasoriente.
Last year EPM chief executive Jorge Londoño said the company aimed to receive more than 1bn pesos (US$317mn) for the ISA sale.
Meanwhile environmental licensing authority ANLA notified EPM that it has initiated penalty proceedings against Hidroituango SA ESP for alleged ecological damage caused by Hidroituango.
"EPM, on behalf of Hidroituango SA ESP, is analyzing [the notification] and will respond promptly to the environmental authority," the company said in a separate filing.
EPM, which is owned by the Medellín city government, holds a 46% stake in developer Hidroituango SA ESP alongside Antioquia development institute Idea (51%) and other minority shareholders.
Around 170km northeast of Medellín, Hidroituango is Colombia's largest infrastructure project in investment terms. The 2.4GW facility, budgeted at US$4bn before the construction problems began last April, is slated to supply over 17% of Colombia's electricity when fully operational.
EPM has said the plant's commercial startup will be postponed by at least three years to December 2021 in a best-case scenario.
The project suffered a fresh setback this month when engineers identified a 40m-deep underground void while drilling to check ground stability. The discovery prompted authorities to issue new flood alerts for communities located downstream from the dam along the Cauca river.
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