Isagén to Sell Five Power Plants to Termoyopal Amid Regulator’s Review

Company News · Colombia

Reshaping a Generation Portfolio

Isagén, one of Colombia’s biggest electricity generators, is trimming its fleet by selling five assets to Termoyopal. The buyer, controlled by the Altia group, is expanding its footprint in Colombian power.

The package spans four hydro plants, Amoyá, Barroso, Caruquia and Guanaquitas, plus the Bosques Solares de Bolívar solar complex. Together they represent a focused slice of Isagén’s generation base rather than its core large hydro.

The Antitrust Test

The transaction is not yet done. Colombia’s Superintendence of Industry and Commerce has opened an integration review to assess how the change of ownership would affect competition in the electricity market.

That scrutiny reflects how concentrated power generation can be. The regulator’s verdict will determine whether the deal closes as structured or with conditions.

A Windfall for Shareholders

Alongside the sale, Isagén’s shareholders approved an extraordinary dividend of about COP$640.4 billion, roughly US$160 million. That works out to some COP$523.44 for each of the more than 1.2 billion shares outstanding.

The payout is scheduled in a single installment before the end of 2026. For Brookfield-controlled Isagén, it is a sizeable return of capital as the portfolio is reorganized.

The Colombian Read-Through

Colombia’s power sector is in a period of active dealmaking as owners rebalance hydro, thermal and solar exposure. The Isagén-Termoyopal move is part of that broader reshuffle.

For investors, the combination of asset sales and a large dividend signals a focus on cash returns. For the market, the SIC’s decision will be the signal to watch.

Frequently Asked Questions

What is Isagén selling to Termoyopal?

Isagén is selling five generation assets, the Amoyá, Barroso, Caruquia and Guanaquitas hydro plants and the Bosques Solares de Bolívar solar complex, in a deal under antitrust review.

How big is Isagén’s extraordinary dividend?

Shareholders approved about COP$640.4 billion (roughly US$160 million), or COP$523.44 per share, payable in a single installment before 31 December 2026.

Is the Termoyopal deal final?

No. Colombia’s Superintendence of Industry and Commerce has opened an integration review to assess the deal’s effect on competition before it can close.