Iberdrola says that it is to focus its Latin American business on the Brazilian and Mexican markets after selling its shareholdings in four Guatemalan utilities for $326.45 million.
The Spanish firm has reached an agreement with Colombian company Empresas Públicas de Medellín (EPM) to sell the assets, which include Guatemala’s largest power distributor and its largest electricity supplier.
The deal includes Iberdrola’s 49 per cent stake in Distribuidora Eléctrica Centroamericana Dos (II), S.A. (DECAII), its 100 per cent share in Gestión de Empresas Eléctricas, S.A. (Gesa), 51 per cent of Generadores Hidroeléctricos, S.A. (Genhidro) and 3.12 per cent of Hidronorte, S.A.
DECAII is the largest shareholder of Empresa Eléctrica de Guatemala (EEGSA), Guatemala’s largest power distributor with 930,000 customers, and of COMEGSA, the largest supplier with a 51% market share. It also holds majority shareholdings in Trelec (electricity transmission), Ideamsa (real estate), Amesa (materials administration), Energica (electricity construction and maintenance) and Credieegsa (personnel and administrative services).
The companies have already completed the sale of DECAII and Gesa, and are expecting to complete the sale of the shares in Genhidro and Hidronorte by the end of the year.
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