The CEO of Colombia’s hydropower producer Isagen SA announced that the company is planning new wind and geothermal projects, according to international media.
Luis Fernando Rico, Chief Executive Officer of Isagen SA stated in an interview with El Espectador that the power generating company is looking to invest in a wind farm and expand its endeavors to geothermal projects.
As part of a 3-gigawatt pipeline project, Isagen plans to build a 20-32-megawatt wind farm in the northern state of La Guajira, which could be worth an estimated $50 million.
In addition, the power company is considering investing $1,5 billion in a 50-megawatt geothermal project in the central-western state of Caldas.
Luis Rico told El Espectador that geothermal energy is a new, renewable technology which can be produced at the same cost as regular hydropower.
Isagen is also in discussion with the Ecuadorian government about the possibility of a geothermal technological developing project in the border area between the countries.
Last week, the Colombian government postponed the sale of its majority stake in Isagen, which caused the share price to plummet, according to Bloomberg News. The reason for the delay was to attract more bidders. Funds raised from the eventual sale of the government’s 58% share will go to renovating and building infrastructure.
“The plan is to transform this valuable asset, Isagen, into highways, which is what is in the national interest,” said Colombia’s Finance Minister Mauricio Cardenas.
MORE: Colombia govt delays privatization of 3rd largest energy company, Isagen
Sources
- Isagen Plans Wind and Geothermal Projects, CEO Tells Espectador (Bloomberg News)
- Isagén será la segunda del sector (El Espectador)
