Enel Bogota investments

Company News    Jul 1, 2021 4:49 PM

Grupo Energia Bogota’s (GEB) Juan Ricardo Ortega spoke about the new company Enel Bogota and the committed investments.

Ortega told La Republica that the company will invest heavily, with expectations of 25% growth.

“Enel Bogota has commitments for more than US$700M in investment. We will have 1,800 MW of power that will be available and it is complementary to gas,” Ortega said.

The expert explained that renewable energy depends on climatic factors and when they are not available it will be necessary to fill that gap with gas.

“Investments will be mainly in unconventional renewables. We are going to participate strongly in the green energy generation sector,” Ortega explained.

He said that the company is interested in the Pacific regasification plant, as gas is indispensable in the unconventional renewable energy strategy.

Ortega explained that the agreement with Enel does not mean a sale or purchase, nor does it mean a loss of control.

“We are exchanging preferred shares, which are worth little, for ordinary shares. I feel calm, because we are not losing anything and we are improving the company’s situation in an interesting way,” Ortega highlighted.

In addition, Ortega said that the social situation in La Guajira is affecting the development of the ‘La Línea Colectora’ project.

“We are concerned about the situation in La Guajira. There is little social harmony. There are very strong conflicts among the population itself and it is difficult to reach agreements when people are living under such strong circumstances as the Venezuelan migration,” Ortega said.

Bottom-Line: Enel Bogota is positioning itself as an interesting new player in the renewable energy market, committing large investments in the country.

Authorities must do more on the social side, as this situation is affecting the development of important projects in the country.

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