{"id":44,"date":"2026-06-27T02:29:16","date_gmt":"2026-06-27T02:29:16","guid":{"rendered":"https:\/\/www.fsa-law.com\/?p=44"},"modified":"2026-06-27T03:50:03","modified_gmt":"2026-06-27T03:50:03","slug":"our-history","status":"publish","type":"post","link":"https:\/\/www.fsa-law.com\/?p=44","title":{"rendered":"Power Utilities"},"content":{"rendered":"\t\t
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  1. Advised<\/span> a consortium of major energy companies on potential bid for capitalizing a <\/span>special purpose vehicle<\/span> through which a state-owned power generating <\/span>company was to be<\/span> restructured. We advised on: (<\/span>i<\/span>) labor cost of transferring that company\u2019s personnel to <\/span>the <\/span>projected SPV; (ii) a voluntary retirement package; and (iii) taxation risks conveyed by the overall transaction. <\/span>The <\/span>consortium did not bid<\/span>.<\/span><\/li>
  2. Performed a comprehensive due diligence of eight state-owned power distributors on the Colombian Caribbean coast and of their holding company to assess risk in bidding to capitalize two SPVs to which those distributors\u2019 assets and obligations were transferred as part of a regional restructuring program. We examined the bidding terms and counseled negotiations with possible co-bidders. The client opted not to bid based on our risk assessments (power losses, labor liabilities, and tariff insufficiency).<\/span> Such <\/span>risks<\/span> remained <\/span>and were <\/span>the basis for two <\/span>further <\/span>bids <\/span>opened by the majority shareholders <\/span>for the <\/span>majority interest<\/span> in <\/span>those <\/span>same SPVs<\/span>. W<\/span>e again did <\/span>the due diligence and TOR study<\/span> for <\/span>the first bid<\/span>, <\/span>having reiterated the <\/span>initial<\/span> risk analysis. Our client did not tender.<\/span>The original structure we <\/span>advised<\/span> against <\/span>was <\/span>finally <\/span>replaced in 202<\/span>0<\/span> by the granting of power distribution <\/span>on the <\/span>Colomb<\/span>i<\/span>an C<\/span>a<\/span>ribbean <\/span>region to two new state-leveraged utilities<\/span> which are yet enduring similar problems<\/span>.<\/span><\/span>\u00a0<\/span><\/span><\/li>
  3. Advised<\/span><\/span> and <\/span>represent<\/span>ed<\/span> a <\/span>tempora<\/span>ry union of ma<\/span>jor <\/span><\/span>energy companies <\/span><\/span>for <\/span>successfully <\/span>bidding for <\/span>purchase <\/span>of a 500 MW hydroelectric generation facility <\/span>through a <\/span>privati<\/span>z<\/span>a<\/span>tion<\/span> process <\/span>b<\/span>y<\/span> the Colombian government<\/span>.<\/span><\/span><\/li>
  4. Advised<\/span> and represented a temporary union of major <\/span>energy companies to bi<\/span>d unsuccessfully for purchasing a 1,000 MW hydroelectric generation facility through a privatization process by the Colombian government. <\/span>\u00a0<\/span><\/li>
  5. Analysis of <\/span>ter<\/span>m<\/span>s of reference <\/span>and due diligence for potential <\/span>bid <\/span>by <\/span>client <\/span>for capitalization of a new state-owned <\/span>Caribbean <\/span>C<\/span>oast <\/span>energy generation and trading company<\/span>. The due diligence includ<\/span>ed <\/span>assessing legal risk<\/span>s<\/span> of main power sales contracts<\/span> involving 1500 MW<\/span> generating capacity<\/span>. The client chose not to <\/span>bid so that <\/span>the <\/span>projected company was not incorporated<\/span>.<\/span><\/li>
  6. Advi<\/span>sed <\/span>and represent<\/span>ed <\/span>our client\u2019s <\/span>consortium <\/span>for<\/span>: (<\/span>i<\/span>) submi<\/span>tting <\/span>a successful bid to <\/span>a regional <\/span>power distributor <\/span>for financing, construction<\/span>,<\/span> operation <\/span>and <\/span>ownership <\/span>of a 230MW <\/span>combined cycle gas\/vapor <\/span>power generation plant; (ii) negotiat<\/span>ed <\/span>and execut<\/span>ed <\/span>a <\/span>po<\/span>wer purchase <\/span>agreement <\/span>(PPA) <\/span>with <\/span>the <\/span>condition precedent <\/span>that <\/span>a <\/span>gas supply contract acceptable to the consortium<\/span> be attained, that having failed notwithstanding the consortium\u2019s best efforts<\/span>; <\/span>and, (iii) negotiation of <\/span>an <\/span>amicable <\/span>PPA <\/span>termination <\/span>agreement <\/span>with waiver of the performance guarantee<\/span>.<\/span><\/li>
  7. Advi<\/span>sed <\/span>and <\/span>represent<\/span>ed<\/span> a <\/span>leading <\/span>energy infrastructure <\/span>civil works <\/span>contractor <\/span>for<\/span> the <\/span>submission <\/span>of <\/span>a <\/span>successful bid <\/span>through <\/span>a <\/span>temporary <\/span>union with<\/span> a <\/span>world leading power generator <\/span>for <\/span>a <\/span>turnkey contract <\/span>with <\/span>a <\/span>municipal <\/span>utility <\/span>for <\/span>three <\/span>combined cycle <\/span>450 MW <\/span>generation plant<\/span>s<\/span>.<\/span> The project was <\/span>executed.<\/span><\/li>
  8. Advised the minority shareholder in a company that owns a 230MW thermal power plant on whether to accept an offer made by the majority shareholder to sell its shares to the remaining shareholders (our client and a municipal residential utility company) or to tag on to the sale offer. The decision <\/span>on our advice <\/span>was to buy <\/span>considering <\/span>advantageous<\/span> regulation on the <\/span>thermal plant permanent availability charge in the Colombian energy market. We negotiated the <\/span>assignment\u2019s<\/span> conditions until the deal successfully closed between all parties.<\/span><\/span>\u00a0<\/span><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    Advised a consortium of major energy companies on potential bid for capitalizing a special purpose vehicle through which a state-owned power generating company was to be restructured. We advised on: (i) labor cost of transferring that company\u2019s personnel to the projected SPV; (ii) a voluntary retirement package; and (iii) taxation risks conveyed by the overall […]<\/p>\n","protected":false},"author":1,"featured_media":87,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-44","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-category1"],"yoast_head":"\r\nPower Utilities - Figueroa Sierra & Asociados<\/title>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.fsa-law.com\/?p=44\" \/>\r\n<meta property=\"og:locale\" content=\"es_ES\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Power Utilities - Figueroa Sierra & Asociados\" \/>\r\n<meta property=\"og:description\" content=\"Advised a consortium of major energy companies on potential bid for capitalizing a special purpose vehicle through which a state-owned power generating company was to be restructured. 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