TermoCandelaria Power

What TermoCandelaria Power does

TermoCandelaria Power S.A. (TPSA / TPL) is a privately held Spanish power generation company domiciled in Madrid that operates through two wholly owned Colombian subsidiaries: Termobarranquilla S.A. E.S.P. (TEBSA) and Termocandelaria S.A.S. E.S.P. (TECAN). The company's combined effective net capacity of approximately 1,466 MW makes it one of the largest thermal generation portfolios in Colombia. TEBSA (963 MW installed / 911 MW declared) operates nine generation units including Alstom/GE gas and steam turbines arranged in combined-cycle configuration alongside Siemens KWU conventional steam turbines, while TECAN (566 MW installed / 555 MW declared) operates a combined-cycle configuration with Mitsubishi 501F4 gas turbines and is described as the most efficient thermal power plant in Colombia. Both plants are located on Colombia's Atlantic coast, providing continuous access to LNG at competitive prices, a positioning the company cites as a key competitive advantage versus other Colombian generators.

The company supplies electricity into Colombia's National Interconnected System under direct supply agreements with state-administered distribution and commercialization utilities, most prominently Air-e S.A.S. E.S.P., currently under administration by the Superintendencia de Servicios Públicos Domiciliarios. Revenue is generated through wholesale electricity sales under regulated market frameworks; pricing is not publicly disclosed. Corporate leadership comprises Eduardo Damián Villarreal (President), José Miguel Lyon (CFO), and Nathalia Romero (IRO). In April 2026, TPSA filed an ICSID Request for Arbitration (Case No. ARB/26/20) against the Republic of Colombia under the Spain-Colombia bilateral investment treaty, claiming over US$198.4 million in damages for government measures since 2024 that prevented adequate remuneration for electricity supplied to Air-e. The company also secured $425 million in financing on September 25, 2024 (investor identity undisclosed).

Name

TermoCandelaria Power

Legal name

Termocandelaria Power S.A.

Website

https://termocandelariapower.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

11–50 employees

Short description

TermoCandelaria Power is a Spanish-domiciled thermal power generator operating two Colombian subsidiaries (TEBSA and TECAN) with approximately 1,466 MW combined capacity, supplying electricity to state-administered utilities in Colombia's Atlantic coast region.

Ownership category

akta.pro rank

Product category

Thermal Power Generation

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112), Electric Bulk Power Transmission and Control (221121)

SIC

Electric Services (4911)

akta.pro primary industry

HV Transmission Asset Owners (Transmission Companies/Transcos) (EUADAAAC)

Keywords

• Thermal power generation
• Combined cycle power
• Electricity generation
• Baseload power supply
• Power plant operations

Headquarters

HQ city

Barranquilla

HQ country

Colombia

HQ region

Latin America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Supply: TermoCandelaria Power generates electricity through its thermal power plants (TEBSA and TECAN) and supplies electricity to distribution and commercialization utilities, primarily Air-e S.A.S. E.S.P. Revenue is derived from electricity sales under supply agreements with public utilities in Colombia's National Interconnected System.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

TermoCandelaria Power S.A. (TPSA) is a Spanish electric generation company that acquires, manages, and operates thermal power generation assets in Colombia through wholly-owned subsidiaries TEBSA and TECAN. The company generates electricity using combined-cycle gas turbine (CCGT) and conventional steam turbine technology and supplies this power to public utilities in Colombia's National Interconnected System (NIS). Combined effective net capacity is approximately 1,466 MW across the TEBSA (963 MW installed) and TECAN (566 MW installed) plants.

Product overview

TermoCandelaria Power S.A. (TPSA) operates as an electric generation company through two main power plants in Colombia's Atlantic Coast region: TEBSA and TECAN. Together through its Colombian subsidiaries Termocandelaria S.A.S. E.S.P. (TECAN) and Termobarranquilla S.A. E.S.P. (TEBSA), the company represents one of the largest portfolios of thermal generation plants in Colombia with a combined effective net capacity of approximately 1,466 MW. The company also maintains continuous access to LNG at competitive prices, positioning itself as a critical contributor to the stability and reliability of Colombia's national grid.

Differentiator

Problem solved

Functional benefit

Products and services

• TEBSA Power Plant

Quantifiable outcome

• TEBSA is the largest and one of the most efficient thermal power plants in the National Interconnected System
• +2 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• FreshfieldscoreImplementation/ SI/ Consulting Partner · 6 April 2026International law firm representing Termocandelaria Power S.A. in ICSID arbitration proceedings against the Republic of Colombia. Freshfields is described as a leading international law firm with extensive experience representing investors in investment arbitrations in the energy sector worldwide.
• Rincón Castro AbogadoscoreImplementation/ SI/ Consulting Partner · 6 April 2026Leading Colombian law firm acting as local counsel to Termocandelaria Power S.A. in the ICSID arbitration case No. ARB/26/20 against the Republic of Colombia.
• Air-e S.A.S. E.S.P.coreOthersDistribution and commercialization company currently under state administration by the Superintendencia de Servicios Públicos Domiciliarios (SSPD). The source of the dispute - Colombia's measures since 2024 have prevented TECAN and TEBSA from receiving adequate remuneration for electricity supplied to this entity.
• International Centre for Settlement of Investment Disputes (ICSID)coreOthersDivision of the World Bank Group that registered Termocandelaria Power S.A.'s Request for Arbitration against the Republic of Colombia on April 27, 2026 as Case No. ARB/26/20. The arbitration is conducted under the ICSID Convention pursuant to the bilateral investment treaty between Spain and Colombia.

Scale indicators6 records

Recent moves5 records

Expansion highlights3 records

Broad incumbents

• Engie (Latin America): Engie operates gas-fired and renewable generation across Latin America, including Colombia. Comparable as a large-scale thermal IPP with multi-country Latin American footprint and similar LNG access considerations, though far larger and more diversified than TPSA.
• Enel Colombia: Enel Colombia (formerly Codensa/Emgesa) is a major integrated utility with generation, distribution, and commercialization activities. It is a broad incumbent that operates thermal generation in Colombia alongside T&D, making it comparable in customer base and regulatory environment though with greater scale and diversification.
• Empresas Públicas de Medellín (EPM): EPM is one of Latin America's largest publicly owned multi-utility groups, with generation (including thermal), transmission, and distribution in Colombia. It is a broad incumbent comparable through its Colombian generation portfolio and regulated market exposure, though state-owned and much more diversified.
• ISA (Interconexión Eléctrica S.A.): ISA is a major Colombian multi-Latin American electric transmission and generation operator, controlling key parts of the National Interconnected System. Comparable as a Colombian electric infrastructure operator interacting with the same regulatory framework, though focused on transmission rather than thermal generation.

Others

• Promigas: Promigas is Colombia's largest natural gas distribution and transportation company, supplying industrial and thermal generation customers including power producers on the Atlantic coast. Comparable as a critical ecosystem participant feeding LNG/gas into TPSA's Atlantic coast plants and operating within the same regulatory environment.

Direct peers

• Celsia: Celsia is a major Colombian electric power generation and distribution company (subsidiary of Grupo Argos) operating thermal, hydro, and renewable assets across Colombia. It is a direct peer given its overlapping thermal generation footprint and Colombian market presence alongside TPSA's TECAN/TEBSA portfolio.
• Isagen: Isagen is one of Colombia's largest electric power generators, historically hydro-led but with thermal assets, now owned by Brookfield. It is a direct comparable in Colombian generation scale and merchant/wholesale exposure to the National Interconnected System.
• AES Colombia: AES Colombia is a subsidiary of AES Corporation operating thermal (gas/coal) generation and distribution assets in Colombia. It is directly comparable as a private-sector thermal IPP competing in the same Colombian wholesale market with similar offtake dynamics to TPSA.
• Drummond Energy (Colombia operations): Drummond operates large-scale thermal generation assets in Colombia associated with its mining operations, contributing to the National Interconnected System. Comparable as a privately operated thermal IPP in Colombia with similar regulatory exposure.

Emerging players

• Pacific Energy: Pacific Energy is an emerging thermal power developer/operator with projects across Latin America, including Colombia. Comparable as a regional thermal IPP focused on similar wholesale generation markets, though smaller and earlier-stage than TPSA's established 1,466 MW portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about TermoCandelaria Power