Those interested in becoming investors and operators can submit bids until November 2 this year. The auction, award and registration of the contract will take place on 22 February 2019.
The Electrificadora del Caribe, better known as Electricaribe, published the rules for those interested in participating in the company's sales process after a series of economic problems affecting the delivery of energy services in the country.
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The document defines the details of the search and selection process of an investor operator for the local distribution system and regional broadcasts operated by Electricaribe in the Atlántico, Bolívar, Cesar, Córdoba, Guajira, Magdalena and Sucre departments.
The government decided in June to initiate an open, transparent and competitive market process "to find a strategic investor with financial capacity and technical experience to manage the transformation plan required by the company." This after the company intervened in 2016 by the supremacy of the public services.
Electricaribe is responsible for assigning the controller who undertakes the activity of commercialization of electrical energy by transferring assets and liabilities to the new company and the transfer of shares.
The regulation stipulates, among other things, that the interested party must show equity capital equal to or larger than US $ 500 million.
The intended process is that as soon as the new investor / operator has been granted, Electricaribe will build a new limited company that has the quality of a company that provides public utilities and has the required legal authorizations.
The entire company is contributed to the new company and the investor to whom it is granted has to pay the purchase price, 100% of the capitalization value it needs, and pay the credits of the company fund.
In addition, the person who receives the prize must commit to implement a minimum investment plan to ensure the adequate provision for the distribution and commercialization of electricity in the Caribbean.
Interested parties can submit tenders to the National Development Bank in Bogotá until 2 November of this year. On 16 November, after the stages of clarifications and corrections, it will be known who are the pre-qualified. Finally, the auction, contract and registration of the contract will take place on 22 February of next year.
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It should be recalled that the company has published the rules for the submission of binding offers upon receipt and assessment of a series of comments and suggestions on the project published on 3 August 2018.