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NEWS ANALYSIS: Power in Pesos

03 February 2012

Sponsors and lenders like Colombia. The country exhibits strong economic growth, which ran at 5% last year and is expected to be 5.5% this year, according to BBVA. This story, coupled with an infrastructure deficit that affects numerous sectors, makes it an attractive destination for investment. Energy, and particularly power, deals are taking centre stage this year, but both local and international market participants are watching the national Agencia Nacional de Infraestructura’s (ANI) infrastructure concession plans closely. Power projects are moving. Empresas Públicas de Medellin (EPM) recently closed a $349 million A/B loan from the International Finance Corporation (IFC) for utility infrastructure upgrades and is talking to lenders about a financing for its $3.5 billion 2.4GW Ituango hydro project. In December 2011, Colombia’s Ministry of Mines and Energy awarded five projects, with a total capacity of 575MW, long-term offtake contracts. The IFC provided a $25 million A loan and commercial...

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