A consortium comprising the US company Houston Industries and the Venezuelan company Electricidad de Caracas paid $1.07 billion for controlling stakes in two Colombian power distribution companies, according to a report from Reuters.

The bid was the only one submitted, a Colombian finance ministry spokesman said. The base price was $837.7 million. The companies, ElectroCosta and ElectroCaribe, supply power to eight million people on Colombia’s northern Caribbean coast, and they are part of the Atlantic Coast Electricity Corp (Corelca).

The transmission and generation divisions of Corelca will also be auctioned.