Colombia’s Celsia ups stake in EPSA after public offering

Colombia’s Celsia ups stake in EPSA after public offering

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) has helped renewables company Celsia acquire a controlling stake in energy company Empresa de Energía del Pacífico (EPSA) following a US$517 million public share offering.

PPU’s team also helped Celsia in the offering. The structuring agent relied on in-house counsel.

Celsia issued 330 million shares in Colombia’s first public offering in three years. It received a demand amounting to more than US$700 million.

Celsia used part of the proceeds to acquire a 11.3% stake in EPSA for US$258 million, adding to the 50% share it already owned and making it the holder of a 61.3% share in the company. Various sellers were involved in the divestment. Both deals closed on 22 February.

EPSA operates 16 hydroelectric plants in the western departments of Cauca, Tolima and Valle de Cauca. Celsia also holds thermal and solar plants in Colombia, hydroelectric and thermal plants in Panama and a wind farm in Costa Rica.

Celsia is part of Colombian conglomerate Grupo Argos, which also owns cement manufacturer Argos and infrastructure company Odinsa.

Counsel to Celsia

Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)

Partner Claudia Barrero and associate Manuel Ramos

Counsel to Banca de Inversión Bancolombia Corporación Financiera

In-house counsel – Isabel Cristina Sánchez Uribe and Juan Manuel Uribe Restrepo


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