Hydro-Quebec sells its stake in Consorcio TransMantaro
MONTREAL, May 24 /PRNewswire/ - Hydro-Quebec, through its wholly owned subsidiary Hydro-Quebec International Inc., is announcing that, after a competitive bidding process, it has reached an agreement to sell its 57% interest in Consorcio TransMantaro S.A. for US$67 million to a consortium formed by Colombian companies Interconexion Electrica S.A. E.S.P (60%) and Empresa de Energia de Bogota S.A. E.S.P. (40%) both with vast experience in operation of power transmission systems. Consorcio TransMantaro S.A. operates a 603 km, 220 kV transmission interconnection line between the cities of Mantaro and Socabaya in Peru, along the Andean mountains. The Company, which began commercial operations in October 2000 is jointly owned by Hydro-Quebec International Inc. (57%), Fonds de solidarite des travailleurs du Quebec (28%) and ETECEN (15%). The closing of this transaction is subject to obtaining the customary approvals, including the authorization of the Peruvian antitrust commission (Indecopi). "We are pleased with this agreement which pursues the implementation of our objectives with regards to the monetization of international assets in order to focus our financial and human resources on our important capital program (approximately $4 billion per year) within Quebec" said Daniel Garant, Executive Vice President Finance and Chief Financial Officer, Hydro-Quebec and Chief Executive Officer, Hydro-Quebec International.
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