COFIDES joins the concession to upgrade Power Grids and Electrical Substations in Barranquilla. Colombia

COFIDES, a joint state and privately-owned company within the Ministry of Industry, is backing the project to upgrade the power grid in Barranquilla, Colombia, undertaken by Grupo Ortiz.

To do this, according to the press release issued, COFIDES has acquired a stake that may reach up to 20% of the awarded company, Energía de Colombia, which is in charge of the design, supply, construction, operation and maintenance of 8 substations and 24 km of transmission lines. The COFIDES stake will be through its own funds and those of the FIEX (Fund for Foreign Investment).

José Luis Curbelo, COFIDES’ Chairman, stated that he was satisfied with “collaborating once again with Grupo Ortiz to contribute to Colombia’s development”.

Juan Antonio Carpintero, Grupo Ortiz’s Chairman, highlighted the importance for the Group of COFIDES’ participation in the concession project, which implies a “transformation of the electricity transmission and distribution in the city of Barranquilla”.

Consequently, COFIDES now participates in four sustainable development concession projects together with Grupo Ortiz.