Electrificadora del Tolima

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In May 2006, the ministry of mines and energy sold Electrificadora del Tolima (Enertolima) in a public auction to the consortium Empresa de Energia del Combeima, for US $106.6 million (251.6bn Colombian pesos). This was US $19.8 million (46bn pesos) more than the asking minimum price of US $86.6 million (205bn pesos). The six original bidders were: Codensa SA, Consorcio Distolima, Consorcio Interaseo SA, Empresa de Energía del Combeima, Consorcio Energía para el Tolima and Consorcio Eléctrico del Centro. Enertolima was an electricity generation and distribution company serving over 320,000 clients in the the department of Tolima. Its sale was part of a program of privatization pursued by President Alvaro Uribe in 2006 and 2007 in agreement with the International Monetary Fund. Funds from the sale of Enertolima were earmarked to pay off the creditors of Electrolima, its predecessor, which had credit obligations of some 100bn pesos or US $42.4 million. The consortium Empresa de Energia del Combeima was comprised of: Aseo Capital SA ESP, Energia y Alumbrado de Pereira SA ESP, Servicios Integrales de Valle and Enelar Pereira. Investment figures for the Colombina peso were converted to USD using the market rate/period average of the USD for 2006 as published by the International Monetary Fund.