COFIDES will acquire a stake in the equity capital of the company awarded the contract by Grupo Ortiz to improve the electricity grid in the department of Atlántico, Colombia.
Specifically, COFIDES will acquire a shareholding of up to 20% of the project company, Energía de Colombia, and 20% of the subordinated shareholder loan. COFIDES will also provide equity counter-guarantees for the amounts pending disbursement corresponding to its investment. COFIDES' financial contribution, drawn from its own resources and the FIEX, will be a maximum of 14.5 million euros. The total investment of this project will amount to approximately 130 million euros.
The company in which COFIDES is acquiring a stake is responsible for the design, supply, construction, operation and maintenance of six substations, as well as the construction of two new substations and 23 km of underground transmission lines with voltage levels of 110 kV. The objective of this project is to improve supply in order to meet the growing demand from users, ensuring continuity of service, preventing voltage issues and potential fluctuations. The contract is scheduled to run for a period of 25 years and is expected to come into operation in October 2023. The project is located in Barranquilla, an important economic hub with a major logistics and maritime port.
COFIDES has previously collaborated with Grupo Ortiz for the implementation of two road concession projects under the 4G road infrastructure programme and the Bosa hospital in Colombia.
The COFIDES chairman, José Luis Curbelo, pointed out that "facilitating access to quality electricity leads to improved economic growth in the area, through a project that has a positive impact on people's lives". For this reason, he added, "COFIDES is pleased to collaborate once again with Grupo Ortiz in order to contribute to Colombia's development".
Juan Antonio Carpintero, chairman of Grupo Ortiz, highlighted "the importance of this concession project, which involves the transformation of electricity transmission and distribution in the city of Barranquilla". In addition, "for Grupo Ortiz, it is of great importance that COFIDES is acquiring a stake in the concessionary company that will carry out this project".
CONTRIBUTION TO THE SDGS
This project contributes significantly to Sustainable Development Goal (SDG) 7, Affordable and clean energy. The construction of the underground power lines has a minimal environmental impact and uses technology that allows the project to be environmentally friendly. This project mainly contributes to the achievement of Sustainable Development Goal 8, Decent work and economic growth, as it will generate 404 direct jobs.
ABOUT GRUPO ORTIZ
Grupo Ortiz is a highly diversified group with a significant focus on the area of infrastructure and energy concessions. The Group carries out infrastructure and energy projects in Spain, Colombia, the United States, Mexico, Panama and Japan mainly, but also in Chile, France, Peru and Central America. It provides efficient solutions through sustainable projects with significant added value and social impact.
ABOUT COFIDES
COFIDES, a state-owned company engaging in the management of State and third-party as well as its own funds, pursues a number of aims: internationalisation of Spain’s economy, furtherance of economic development and fortification of the solvency of companies affected by COVID-19. In addition to the Spanish State, its shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and Development Bank of Latin America (CAF).
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