Tractebel considers option for Edelnor

Belgium power company Tractebel is carrying out due diligence with a view to buying an 82 per cent interest in the Chilean electricity generator Edelnor, under the terms of an option granted to it by F.S. Inversiones.

F.S. Inversiones is a vehicle backed by two Chilean investment funds which acquired Edelnor from US energy giant Mirant earlier this week for a cash payment of $4.5m.

A spokeswoman for Tractebel said Friday that tit had been unsuccessful in bidding for Edelnor a few months ago and now had until March to decide whether or not to exercise the option.

Tractebel, which is a division of French Industrial group Suez, declined to comment on the how much it might have to pay F.S. Inversiones for the Edelnor stake, although local press reports put the figure at $5.69 million.

Edelnor, which operates three power stations linked to Chile’s northern grid, has been losing money over the last year due to the loss of key contracts.

The spokeswoman said that Tractebel would be looking at the possibilities for achieving synergies between Edelnor and Tractebel’s other generating interests in Chile, Empresa Electrica Colbun Machicura SA (E.EEC) in the central region and Electroandina in the north.

Edelnor also has a 21 per cent stake in the Gasoducto Nor Andino, a pipeline bringing gas from Argentina to northern Chile via the Andes.

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