Canada’s Brookfield Asset Management and Chile’s Colbun are now rival bidders for Isagen, the Colombian power company due to be privatized.

To win, one of them will have to spend roughly Peso$6.5bil (around $2m) on the state’s 57.6 per cent stake, as well as another obligatory Peso$3.2bil on stakes owned by minority shareholders.

Colbun launched its first foreign purchase in December, when it acquired Fenix Power Peru. The firm boasts 24 power plants, 16 of which are hydroelectric installations. 

Brookfield, meanwhile, holds energy sector assets in North America, Europe and Brazil. Of its 250 power plants, 207 are hydroelectric installations. 

Both firms would look to grow Isagen.