Spanish infrastructure builder Elecnor SA has secured an engineering, procurement and construction contract for a 20-MW wind project, the second of its nature in Colombia. Located in La Guajira department, the wind farm will require an investment of USD 37.6m. It is commissioned by private electricity producer ISAGEN, the majority shareholder of which is BRE Colombia Hydro Investments Ltd.
Colombia’s Avianca, which filed for bankruptcy protection in a New York court in May, has appealed an injunction preventing disbursement of a major loan needed to keep the company afloat. In a filing with the Securities and Exchange Commission on 16 September, Avianca argues that without the $370 million loan it secured from the Colombian government in August, an estimated 3.19 percentage points of the country’s GDP would be at risk, 123,000 annual jobs would be lost over the next five years, and direct and indirect tax revenues would decline by $1.3 billion over the same period. That loan was suspended by a Colombian administrative court last week.
Fitch Ratings has affirmed UNE EPM Telecomunicaciones S.A.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings at 'BBB'. Fitch also affirmed the company's National Long-Term Rating at 'AAA(col)' and National Rating for its local bond program at 'AAA(col) '. In addition, Fitch maintains the Negative Outlook on the Foreign-Currency IDR and the Stable Outlooks on the Local-Currency IDR and National Ratings. The Negative Outlook on TIGO UNE's Foreign-Currency IDR reflects the Negative Outlook on Colombia's 'BBB-' sovereign ratings, as well as the 'BBB' Country Ceiling for Colombia.
The Colombian National Council for Economic and Social Policy (Conpes) approved the financing of the light rail project on Medellín´s 80 Avenue, declaring it of strategic importance to the Nation. The total estimated investment is $953 MM, including financing costs, of which the Nation will contribute 70% and the municipality of Medellín, the remaining 30%. The system will have 18 electric trains, which will help reduce 4.8 MM tons of carbon dioxide per year.
The World Bank debarred the Spanish construction company FCC for two years for fraudulent practices and collusion in two tenders for a $487 million World Bank-funded environmental project, designed to help the Colombian government improve water quality, reduce flood risks, and create multi-functional areas along the Bogota River. FCC Construcción will pay $5.5 million in restitution to Colombian authorities, and develop an integrity compliance program as part of the settlement.
The sixth version of the Colombia Investment Summit is expected to attract more than 550 investors—coming from markets in Europe, Asia, Latin America, and North America. "At this event we will present a portfolio of more than 75 projects to investors from around the world, in sectors such as infrastructure, technology, agroindustry, energy, and tourism, as well as our country's potential as a business destination and export platform," said Flavia Santoro, president of ProColombia.