Credicorp Capital achieved the financial closing of a key energy transmission project.
The goal of the project is to enhance the efficiency and capacity of the electricity distribution system of Barranquilla and other areas of the Atlántico, to meet the growth in energy demand, Valora Analitik reported.
Ortiz Construcciones y Proyectos will develop the project. The company selected Credicorp Capital as exclusive financial advisor during the phases of awarding, structuring and securing the necessary resources for the development of this important energy project for the Caribbean region and the country in general.
“Credicorp Capital was advising Grupo Ortiz to guarantee the feasibility and closing of the project,” Ana María Giraldo, Managing Director of Corporate Finance at Credicorp Capital, said.
Giraldo said that this project is a milestone in Credicorp Capital’s history because it continues to position Credicorp Capital as one of the most relevant allies of companies in the infrastructure sector for the structuring and development of high-impact projects for the future of the country.
Credicorp Capital selected Banco Davivienda, Banco Santander and Banco Itaú CorpBanca to guarantee the availability of the more than US$120M that the project requires for its development.
Davivienda and Itaú CorpBanca will provide CoP$146M and CoP$128M, respectively, while Banco Santander will provide the remaining US$50M.
The contract for the development of the project has a duration of 28 years during which the design, procurement of supplies, construction, operation and maintenance of works associated with nine substations and 23 kilometers of high voltage lines will be developed.
“The financial closing of this project is proof of Credicorp Capital’s commitment to support and advise in an integral manner projects that benefit the lives of the inhabitants of Colombia, seeking the best financing options for our clients and contributing value to the development of the country,” Giraldo concluded.
Bottom-Line: Undoubtedly, great news for the Caribbean region, which needs to see investments in the electricity system to improve the quality of service in the long term.