Tractebel and Codelco are to launch an offer in the US for control of the Chilean power company Edelnor. The offer is being made through Electroandina International which aims to buy back Edelnor debts. The latter has loans of $250 million with UBS and $90 million with the Bank of America National Trust. Electroandina will also hope to purchase Edelnor stocks held by Mirant Chile.
If the offer is accepted, Electroandina will become the principal electric power generating company of the northern interconnected system in Chile. Nopel was previously the main generator but Electroandina and Edelnor together will provide 50 per cent of the northern systems’ power.
