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.
 
 

SOURCE HYDRO-QUEBEC

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