GDF Suez dumps Latin American assets

French company says sale will help address net debt.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |  Aug. 14, 2014 at 9:35 AM
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PARIS, Aug. 14 (UPI) -- French energy company GDF Suez said Thursday it signed a deal to sell off its assets in Panama and Costa Rica to a Colombian counterpart.

"This transaction will result in a reduction of around $1 billion of GDF SUEZ consolidated net debt," the French company said.

GDF said it was selling off a 118 megawatt hydroelectric complex, an 83 MW fuel plant, a 50 MW wind farm and a thermal complex capable of generating 249 MW of power to Celsia, a Colombian energy company.

In disclosing its financial statement for the first half of the year, the company reported a decline in profit of around 13 percent.

GDF said the sale to Celsia would give it the opportunity to focus on faster growing markets.

"Proceeds from this transaction will be redeployed to consolidate current strongholds and materialize new opportunities in fast growing countries," the company said.

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