September 9, 2019 / 8:23 PM / a month ago

UPDATE 1-Northland Power to buy Colombian utility in C$1.05 bln deal

(Adds deal details)

Sept 9 (Reuters) - Northland Power Inc said on Monday it would buy most of Colombian utility Empresa de Energia de Boyaca (EBSA) in a deal valued at C$1.05 billion ($797.9 million), including debt.

The proposed acquisition is Northland’s second investment in Latin America, following the La Lucha solar project in Mexico that began construction earlier this year.

EBSA serves a population of 1.3 million residents across 123 municipalities, Northland Power said.

The company said it expected the deal to add to its free cash flow by mid-single digit during the current regulatory period ending 2023.

Based on submitted tariff, EBSA is expected to contribute about C$100 million to adjusted earnings before interest, tax, depreciation and amortization (EBITDA) in 2020.

The deal is expected to close in the fourth quarter this year.

$1 = C$1.32 Reporting by Debroop Roy in Bengaluru; Editing by Maju Samuel

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