News

The EPM Group wins CaribeMar´s auction bidding: The Organization will be the new operator of the electric power service in Bolivar, Cesar, Cordoba and Sucre

Fecha de publicación

2020-03-20 00:00

Contenido

• The business group is the successful bidder of one of the two companies resulting from the separation of the Electricaribe market • With the arrival of CaribeMar, the EPM Group will expand its electric power service to 1.5 million customers, in an opportunity to grow with sustainability and contribute to the development of the country

• The Organization thanks the Caribbean Region for the trust and for allowing it to reach its departments to contribute to the quality of life and well-being of its inhabitants. 

In the coming months, when the National Government completes the delivery of CaribeMar, the EPM Group will become the new operator of the electric power service in the departments of Bolívar, Cesar, Córdoba and Sucre. Only, until that moment, it will take control of what will be its new subsidiary in the Colombian Caribbean Region. 

On Friday, March 20, the contract to operate CaribeMar was awarded to the EPM Group, one of the two auction processes in which the Electricaribe markets were separated by the National Government. 

When highlighting the award, the Chief Executive Officer of EPM, Álvaro Guillermo Rendón López, indicated that “as an operator of the electric power service in the Caribbean Region, the Group is committed to growth with sustainability in the electricity  commercialization and distribution market in Colombia, as a contribution to the growth of the country and the quality of life of the inhabitants of the departments of Bolívar, Cesar, Córdoba and Sucre, in that higher purpose that we have to contribute to the harmony of life for a better world ”.

When it starts operating in the Caribbean Region, the EPM Group will achieve a 35% share in the electricity distribution and commercialization market in Colombia, extending its services to a population of 19 million people. Currently, this participation is 23%. “With CaribeMar we will add 1.5 million new customers in the Caribbean Region in the coming months. We thank you all for the opportunity and confidence in allowing us to reach your territory.  

We are working with all our resources to be able to provide an electric power service with continuity, quality and coverage as this region deserves, "said Rendón López. 

What follows 

After the awarding of CaribeMar this Friday, the National Government must close the financial transaction for the purchase of 100% of the shares, establish the new company and prepare and deliver the assets and liabilities included. Only, until that moment, the EPM Group will take control of the operation. 

Meanwhile, the electric power service will continue to be provided as it is today by the National Government. It is important to remember that Electricaribe is a company intervened by the Colombian Residential Public Utility Superintendency (SSPD) and in possession for liquidation purposes. 

Analysis of the operation 

A large team of EPM Group staff and senior management, accompanied by an investment bank and external advisors, carefully studied and analyzed the viability and opportunity of the operation, always thinking about the sustainability of the Company, in a business that will include investments of around COP 4 billion in the next five years. Process that was endorsed by the Board of Directors. 

With this operation, the EPM Group becomes the main operator of the Colombian electricity system, both in distribution and commercialization. The Company assumes the challenge and the commitment to contribute to the quality of life of the community, through the improvement of the electric power service, the care of the environment and the contribution to the growth and competitiveness of the Caribbean Region. Together we will make the good energy grow!

About the EPM Group 

The EPM Group is a multi-Latin group with a presence in six countries: Colombia, Chile, El Salvador, Guatemala, Mexico and Panama. The Organization, which serves more than 20 million people, provides water supply, wastewater management, electric power generation, distribution, commercialization and transmission services; natural gas commercialization, purification of seawater and solid waste management.