Monday at 10 am, in Medellín’s Plaza Mayór, during a special shareholder’s meeting called by BRE Colombia Investments LP, a new board of directors was seated for Medellín-based Colombian energy producer Isagen. BRE Colombia Investments LP is the majority shareholder of Isagen (BVC:ISAGEN), having purchased the 57.61% of the shares held by Colombia’s national government during an auction last January 22nd in which it was the sole bidder. BRE Colombia Investments LP is controlled by Canada’s Brookfield Renewable Energy Partners (TSX: BEP.UN; NYSE: BEP), which is in turn controlled by Brookfield Asset Management (TSX:BAM, TSX:BAM.A, NYSE:BAM).
Isagen owns and operates a renewable energy portfolio consisting of 3,032 MW of principally hydroelectric generating capacity and a 3,800 MW development portfolio in Colombia. During the meeting, BRE Colombia Investments LP informed the minority shareholders, including several Colombian municipal-owned entities and pension funds that all shareholder questions and inquiries would be answered and a written tender would be offered for outstanding shares in the following days, and published on Isagen’s website. The price offered for the remaining shares will be equal to the auction purchase price of $4,130 COP per share.
BRE Colombia Investments indicated its intent to maintain existing strategic initiatives and projects that Isagen has planned and undertaken. “Our objective is to remain here, to continue contracting with people from here, and to continue fomenting the company’s growth from here, over the next 30 or 40 years, as Isagen is one of the most important energy generators of the country, for that our objective is to protect its market strength,” said Sachin Shah, the head of Brookfield Renewable Energy.
The new board of directors seated consists of the following individuals:
|Orlando Cabrales Segovia*||Jorge Humberto Botero Angulo*|
|Juan Carlos Esguerra Portocarrero*||Luz Helena Sarmiento Villamizar*|
|Rafael Miranda||Jerry Divoky|
|Richard Legault||Sachin Shah|
|Carlos David Castro||Andres Felipe Crump|
|Harry Goldgut||Jennifer Mazin|
|Jesús Arturo Aristizabal Guevara||Tatyana Aristizabal Londoño|
* Denotes An Independent Board Member
During the special shareholder’s meeting, new bylaws were also approved, adjusting for the changing of majority ownership from Colombia’s government to private-sector shareholders.
Colombia’s national government sold its shares in Isagen, worth slightly more than $2 billion USD, in order to fund the country’s major highway modernization initiative, called “4G.”
Above photo: Inside Isagen’s Sogamoso Hydroelectric Facility -(courtesy Isagen)