Press release
Ashmore Colombia awarded by ColCapital “Most Successful Transaction of the Year”
17 November 2022
Ashmore is pleased to announce that its subsidiary, Ashmore Management Company Colombia, was awarded the MOST SUCCESSFUL TRANSACTION OF 2022 by ColCapital, the Colombian Private Equity & Venture Capital Funds Association, for its recent divestment in Elecnorte S.A.S.
Ashmore Colombia consolidate its stake via its private equity fund, Fondo Ashmore Andino II – FCP and Ashmore Andean Fund II, LP, and effectively carried out the construction of a 138 km power transmission line in La Guajira, Colombia, providing energy to rural areas of the country. The construction was carried out in the midst of the pandemic, and once in operation, an excellent track-record allowed a successful exit for Ashmore in June 2022.
Elecnorte increased the reliability of the energy service to 74 percent of the population of La Guajira and increased the energy transport capacity by 120MW allowing renewable energy projects to transport its energy to the main cities of the country.
Ashmore is proud of having been awarded by Colcapital, and remains committed to delivering attractive returns to its investors, while ensuring adherence to its strong ESG standards.
About Elecnorte
Elecnorte is an energy transmission company, which owns an electricity transmission line concession responsible for the design, construction and O&M for 25 years of two 138 km power transmission lines in La Guajira, Colombia. The concession seeks to provide reliable power to a rural area and was the first regional line to be awarded to a private equity fund. During its construction it faced significant challenges, amongst them a social challenge that required prior consultations with 200 communities.
About Ashmore Colombia
Ashmore Colombia is a private equity manager founded in 2009 with offices in Bogota and Lima, investing across Colombia, Peru and selectively Central America. Ashmore Colombia benefits from one of the largest teams on-the-ground, which has transacted across the region since the 1980s building an extensive network. Ashmore Colombia is part of Ashmore Group plc, a specialist Emerging Markets investment manager.
Juan Pablo Fonseca (pictured above), Managing Director in our Bogota office, received the award on behalf of Ashmore Colombia.