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The mayor of Medellín and president of the EPM Board of Directors, Daniel Quintero, said today that the company is still evaluating whether to carry out the Electricaribe operation that it won through Caribe Mar to serve electricity in the departments of Córdoba, Sucre, Bolívar and Cesar. This is originally due on September 30.
However, Quintero revealed today that “there is a clause that we put in place called ‘material adverse effect clause’ which says that, if the asset deteriorates greatly due to the pandemic, EPM may not enter”.
Similarly, the mayor of Medellín explained that EPM is making progress in this regard to define whether or not it will definitively enter the operation under Caribe Mar.
He also explained that, at this moment, there is a negotiation underway that the company is doing to find out if there are additional amounts to be made by the National Government for the value of Electricaribe.
Quintero added that the negotiation should be closed in the next few weeks as EPM should assume the Electricaribe operation in these four departments as of September 30.
According to estimates previously announced by EPM and the National Government, Electricaribe’s operation in this area requires investments of $ 5 billion in the first years. However, in the first 10 years it is estimated that these amount to $ 8 billion.
Recommended: EPM will invest up to $ 8 billion in Caribe Mar
Caribe Mar has a 10.9% energy stake in Colombia and has 1.51 million customers.
With this, EPM reaches a 35% share in the energy distribution and commercialization market in Colombia, something that also materialized after the results of the risk model elaborated by the company allowed to conclude that there was sufficient liquidity to enter the Caribbean and close this participation.
In total, the sale of Electricaribe leaves a debt of $ 2.5 billion, of which $ 1.8 billion are to commercial banks. The Superintendency of Public Services indicated at the time that as resources are obtained, these debts will be paid.
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