ISA, Eletrobras, ETESA, AES Andes, CELEC, ANDE, ENDE and EPR appear among the best positioned companies within the new portfolio of electrical transmission and integration projects supported by the European Union in Latin America and the Caribbean.
The survey conducted by Energía Estratégica identifies more than 20 transporters, utilities and developers linked to the transmission and electrical integration portfolio driven by Global Gateway , the investment strategy of the Europa Group , with the Colombia-Panama interconnection as one of the most outstanding projects within a regional portfolio.
The portfolio includes international interconnections, expansions of national networks and electrical corridors considered strategic to integrate renewables, storage, critical mining and green hydrogen.
The information was obtained exclusively within the framework of the EU Climate Dialogues 2 (EUCDs2) program , promoted by the European Union (EU) together with GIZ and developed in cooperation with OLACDE . And although the documentation released by the EU mentions 15 flagship projects, representatives of the European Commission explained that the package includes 24 initiatives throughout Latin America and the Caribbean.
This is the case with the expansion of systems such as SIEPAC in Central America, a 1793 km 230 kV infrastructure that involves different binational sections between Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama, as well as interconnection initiatives in the Caribbean and green hydrogen projects in countries such as Chile, Uruguay, Brazil and Panama.
ISA, EPR and ETESA: the axis with the greatest regional exposure
ISA is the company with the largest presence on the map. The company, controlled by Ecopetrol, participates in the Panama-Colombia interconnection, has a presence in the SIEPAC ecosystem, and controls transmission assets in Colombia, Peru, Chile, Brazil, and Bolivia .
Its regional scale makes it one of the players most exposed to a potential acceleration of cross-border investments. According to its 2025 Integrated Report, ISA operates 50,564 km of transmission lines , has an additional 8,448 km under construction , and boasts 119,822 MVA of installed transformation capacity . In addition to its participation in local projects, the company continues to expand its presence through new concessions in Peru, Brazil, and Chile.
Furthermore, through the Transmantaro Consortium, it is also involved in the expansion of the Peruvian system and the future Ecuador-Peru interconnection. Among the most relevant initiatives in its pipeline is Colectora, the 500 kV line designed to evacuate wind power generation from La Guajira, considered one of the most important transmission projects currently underway in Colombia.
On the other hand, there is the Network Owner Company ( EPR ) , which manages SIEPAC and any expansion of the Central American electricity market necessarily involves its assets.
The network connects 15 substations distributed across the six Central American countries and allows for the exchange of approximately 300 MW between national markets. Its location is strategic because any future expansion of the Regional Electricity Market will have to rely on this infrastructure.
Also participating are ICE, ENEE, CEL, ENATREL, INDE, ISA and CFE, along with ETESA, which adds an additional role as ISA's partner in ICP, the binational company created to develop the Panama-Colombia connection.
ETESA is thus positioned on two fronts: Central American integration and the electrical bridge between Central and South America. Added to this is Panama's Fourth Transmission Line, one of the most significant structural projects in the Panamanian system.
The company is also responsible for planning the expansion of Panama's transmission system and developing new infrastructure to incorporate renewable generation and increase transmission capacity. In parallel, it plays a central role in the country's electricity procurement processes: the company was behind the renewable energy tenders LPI ETESA 01-25 and LPI ETESA 01-26 , for existing plants in Panama.
Central America: State-owned utilities and national reinforcements
ICE maintains a decisive position in Costa Rica. The state-owned utility is advancing its infrastructure expansion roadmap for the next ten years, focused on developing new power lines, strengthening substations, and implementing projects designed to facilitate the integration of renewable energy generation. Its role is strategic, given that the Costa Rican system boasts one of the highest penetration rates of clean energy sources in the region and constitutes a key node within the isthmus's electrical corridor.
Further north, ENEE maintains a crucial position for the consolidation of Honduran infrastructure. The state-owned company manages the national energy transmission system and the nodes that ensure interconnection with neighboring systems, although its current role is undergoing a profound structural transformation.
The government's roadmap promotes a restructuring focused on segmenting specialized units and establishing an independent System and Market Operator . This agenda envisions a gradual exit from the single-buyer model to enable the entry of private marketers, laying the groundwork for integrating new renewable energy complexes and energy storage solutions.
Simultaneously, the country is moving forward with the international tender for 1,500 MW , a process redesigned to strengthen its bankability through more stringent technical requirements. However, the ecosystem remains contingent on the financial health of the state-owned utility, identified as EPR 's partner facing the greatest economic challenges. Regularizing debts with power generators continues to be a critical factor in restoring private capital confidence and revitalizing the expansion of the electricity sector in Honduras.
In El Salvador, CEL and ETESAL are leading the way, responsible for reinforcing the 230 kV grid, modernizing substations, and supporting the integration of new renewable energy projects. This infrastructure expansion is seen as a necessary condition for sustaining the growth in solar power generation that the country has experienced in recent years.
A similar situation exists in Nicaragua, where ENATREL maintains ongoing programs to expand transmission lines and substations to strengthen the reliability of the national electrical grid. Its participation in the regional network is particularly relevant considering that the Nicaragua-Costa Rica interconnection is one of the sections identified by European sources as part of initiatives currently seeking funding.
For its part, INDE maintains a strategic position in Guatemala, both through its shareholding in EPR and its role within the national electricity system. The country has established itself as one of the most dynamic markets in Central America and is emerging as a key hub for expanding regional trade to the north of the isthmus.
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In turn, the corporation coordinates with the National Electric Energy Commission (CNEE) the development of the Transmission System Expansion Plans (PET), considered fundamental to accompany the growth of demand and the incorporation of new generation.
Following the declaration of the PET-3 tender as unsuccessful—a tender that included more than 500 km of lines and 14 substations—the sector's attention is now focused on the future PET-4 tender. During the Future Energy Summit (FES) Guatemala, the director of the CNEE, Marcela Peláez, anticipated that this new phase would include adjustments derived from the projects awarded in PET-5 and an expansion of more than 500 km of transmission lines, with more than 18 substations planned.
CFE is also part of this scheme, participating as a shareholder in EPR and contributing its experience operating one of the continent's most extensive transmission networks. Although Mexico is not included in the official package of 24 projects promoted by Global Gateway, European Union representatives confirmed ongoing discussions with the country regarding energy infrastructure and grid modernization.
Andes and Southern Cone: CELEC, Transmantaro, AES Andes, ENDE and ANDE
The Ecuador-Peru interconnection places CELEC EP and the Transmantaro Consortium among the key players in the Andean corridor. The project includes a new 500 kV line between the two countries to expand exchanges and strengthen operational safety.
Through Transelectric, CELEC operates Ecuador's National Transmission System, comprised of 500 kV, 230 kV, and 138 kV infrastructure. The company also leads the consolidation of the 500 kV trunk corridor, key to transporting energy from large hydroelectric complexes to the country's main consumption centers.
The Transmantaro Consortium is part of the ISA Group and operates concessioned infrastructure within Peru's National Interconnected Electrical System. In addition to participating in the future interconnection with Ecuador, it continues to develop new lines, substation expansions, and reinforcements to meet the growing demand from the Peruvian mining and industrial sectors.
In Argentina, TRANSNOA is connected to the Catamarca transmission network, a strategic project to support the growth of lithium mining and enable new solar power generation in the Northwest region. The inclusion of this project demonstrates how electrical infrastructure is beginning to intersect with critical mineral supply chains.
AES Andes represents one of the most significant private sector cases. The company is promoting a new interconnection between Argentina and Chile to facilitate renewable energy exchanges, in line with its regional expansion in solar, wind, and storage.
The initiative complements a regional strategy based on renewables and storage. In Argentina, AES is developing a pipeline of nearly 800 MW of solar and wind projects, while in Chile it continues to incorporate hybrid complexes that combine photovoltaic generation and BESS systems to increase system flexibility.
Bolivia has added ENDE Corporation to three potential corridors: Brazil, Paraguay, and Chile. Although several initiatives are still under evaluation, they reflect the country's intention to position itself as a regional electricity exporter.
In parallel, the company continues to strengthen the main interconnection system through new lines and substation expansions. Among the most important projects is the development of the 500 kV national corridor, considered strategic for increasing transmission capacity between eastern and western Bolivia.
Finally, in Paraguay, ANDE appears twice: in the interconnection with Bolivia and in the national transmission reinforcements to make better use of the energy from Itaipu and Yacyreta.
With support from the World Bank, the company recently launched its first large-scale international tender for a 140 MWac photovoltaic solar power plant in Loma Plata. The project includes not only the construction of the plant, but also an approximately 7 km transmission line for its connection to the National Interconnected System at 220 kV, reflecting how the expansion of power generation is beginning to be accompanied by new electrical infrastructure needs.
The company is implementing the 2024-2033 Transmission Master Plan, which includes new lines, substation expansions, and increased transformation capacity. One of its main focuses is strengthening the 500 kV system to fully utilize the energy from Itaipu and Yacyretá and support the arrival of new industries to the country.
Brazil, the Caribbean and island systems
Eletrobras has one of the greatest potentials due to its scale. The company is involved in the Bolivia-Brazil interconnection and the Arco Norte system, which aims to connect Guyana, Suriname, French Guiana, and northern Brazil.
In addition to these binational initiatives, European Commission representatives indicated that European financial institutions have assessed opportunities related to the expansion of transmission and distribution networks within Brazil itself, one of the largest electricity markets in the region.
Through Eletronorte , Eletrobras has a strategic position in the Amazon, where future works could combine network expansion, regional integration and supply to new demand centers.
In the Caribbean, the map includes Belize Electricity Limited (BEL) , Guyana Power and Light (GPL) , EBS of Suriname, EDF SEI in French Guiana, Barbados Light & Power (BL&P) and the Cuban Electric Union (UNE) .
Some of the additional projects identified during EUCDs2 are concentrated in this region. Sources mentioned a pilot project for a submarine cable interconnection between St. Kitts and Nevis , as well as studies for a future connection between the Dominican Republic and Puerto Rico —initiatives that are not broken down in the public documentation.
BEL operates the Belize grid and its interconnections with Mexico and Guatemala. GPL and EBS are involved in the Northern Arc studies. EDF SEI manages the electricity system in French Guiana. BL&P is linked to the Barbados green hydrogen project, while UNE is key to RenovEn, the Cuban renewable energy expansion and grid modernization program.
Sources also indicated that the portfolio includes green hydrogen initiatives not explicitly listed in the public directory published by the European Union. In addition to Barbados, there are approved or developing projects in Chile, Uruguay, Brazil, and Panama , primarily focused on regulatory frameworks, permits, and institutional strengthening to accelerate the industry.
The message from Global Gateway is clear: the next stage of the regional energy transition will not depend solely on incorporating new renewable generation. The ability to expand grids, connect markets, and strengthen electricity corridors will be crucial for realizing a significant portion of the planned investments in Latin America.
In this scenario, the companies that currently operate and develop transmission infrastructure have a head start. ISA, EPR, ETESA, Eletrobras, CELEC, AES Andes, ANDE, ENDE, Transmantaro, and the other players identified in the European portfolio are emerging as key players in a new phase of regional electricity integration driven by the need to transport ever-increasing amounts of energy between countries, regions, and consumption centers.