Electrica Ownership: Unraveling The Tsk, Dissur, And Melfosur Mystery

The Spanish consortium TSK-Melfosur International TMI was the majority shareholder in Disnorte-Dissur, a Nicaraguan energy distribution company. TSK and Melfosur, two little-known Spanish companies, formed the consortium in 2013 to negotiate the acquisition of shares in Disnorte and Dissur, which were formerly held by Natural Gas FENOSA. TSK-Melfosur sold its shares in Disnorte-Dissur in 2020 due to fears of sanctions against Albanisa, a Nicaraguan-Venezuelan company that maintained financial control over the distributor. Despite TSK-Melfosur's ownership, sources indicate that the company had no real power within Disnorte-Dissur, which was managed by agents of Albanisa.

TSK-Melfosur sold its shares in Disnorte-Dissur

In 2013, the previously little-known companies TSK and Melfosur merged to form the TMI consortium. This consortium then acquired shares in the Nicaraguan electricity generation companies Disnorte and Dissur, which were formerly held by Natural Gas FENOSA. The transaction was finalized in February 2013, with TMI paying $57.8 million and assuming the company's debts, calculated at around $85 million. The principal creditor was Albanisa, under the direction of Francisco "Chico" Lopez, treasurer of the Sandinista party.

However, TSK and Melfosur had no prior experience in energy distribution and lacked the financial resources for such a large-scale investment. This was provided by Albanisa, which maintained "financial control" over the company. In reality, TSK-Melfosur was not a distribution company and had no prior contact or experience with the sales or distribution of electrical energy.

In 2020, TSK-Melfosur decided to sell its shares in Disnorte-Dissur due to fears of US sanctions against Albanisa. The consortium reached a private agreement with the Nicaraguan government to transfer its shares to another private company. While the identity of this company remains undisclosed, sources indicate that there was no real change in the company's functioning, as TSK-Melfosur had "no real power" within the distribution company, which was managed by agents of Albanisa.

The sale of Disnorte and Dissur involved a transaction of more than $140 million. Despite the withdrawal of TSK-Melfosur, the Nicaraguan government assured that there would be no impact on the operations of the distributor.

The Spanish consortium had no prior experience in energy distribution

The Spanish consortium TSK-Melfosur International TMI has sold its shares in the Nicaraguan energy distribution company Disnorte-Dissur. TSK and Melfosur, the two small Spanish companies that formed the consortium, had no prior experience in energy distribution. They were dedicated to the construction of electrical substations and electrical installations, but they were not involved in managing distribution systems.

In 2013, TSK and Melfosur merged to negotiate the acquisition of shares in Nicaraguan electricity generation companies. These shares were formerly held by the Natural Gas FENOSA company. The transaction was finalized in February 2013, with TMI acquiring 84% of the shares of Disnorte and Dissur for a payment of $57.8 million. In addition, TMI committed to absorbing the company's debts, calculated at around $85 million, with Albanisa as the principal creditor.

Despite their lack of experience in energy distribution, TSK and Melfosur were chosen as buyers by the local subsidiary of Fenosa Natural Gas. This decision surprised executives in the Nicaraguan electricity sector. TSK-Melfosur's role was primarily to give the impression that energy distribution was in the hands of a European private company. However, the consortium had no real power within the distribution company, which was managed by agents of Albanisa.

The sale of Disnorte and Dissur involved a transaction of more than $140 million. TSK-Melfosur owned a minority of the shares and had a contract with the Nicaraguan state to manage the distributor and be its public face. The real administrator was Gustavo Acosta López of Albanisa, as the government delegate.

TSK-Melfosur was allied with the Nicaraguan government

In 2013, the previously little-known companies TSK and Melfosur merged to form the TMI consortium and acquired shares in the Nicaraguan electricity generation companies Disnorte and Dissur. TSK-Melfosur was allied with the Nicaraguan government, serving to give the impression that energy distribution was in the hands of a private European company.

In reality, TSK-Melfosur had no prior experience in energy distribution and was reliant on Albanisa, which had a monopoly over the national electric system. In 2019, the US government ordered US financial institutions to suspend all negotiations with Albanisa, a conglomerate owned by the Ortega-Murillo family. This led to difficulties for Albanisa in importing oil, purchasing spare parts, maintaining energy plants, and receiving payments from electricity distributors. Despite these challenges, sources indicated that there wouldn't be any changes in the company's functioning, as TSK-Melfosur had no real power within the distribution company.

In 2022, TSK-Melfosur withdrew from Disnorte-Dissur, selling its shares to another private company. According to sources, this move was driven by fears of potential sanctions on Albanisa, which still maintained financial control over the energy distributor. The Nicaraguan government held 16% of Disnorte-Dissur shares, while the remaining shares were owned by TSK-Melfosur. Despite the withdrawal, operations were not expected to be affected, as Albanisa continued to maintain financial control over the distributor.

The Nicaraguan government's decision to nationalize the distributor was met with skepticism by analysts, who questioned the state's ability to effectively manage the energy sector. They pointed to the challenges faced by the sector even after privatization in 1998, with high distribution losses persisting. The nationalization was also seen as a strategy to protect the country's energy sector from potential US sanctions on Albanisa.

The consortium had financial issues

The consortium TSK-Melfosur International TMI faced financial issues due to several factors, leading to its withdrawal from the Nicaraguan energy distributing company Disnorte-Dissur. Firstly, TSK-Melfosur had limited experience and resources for energy distribution when it acquired shares in Disnorte-Dissur in 2013. The consortium specialized in the design and construction of electrical installations but lacked expertise in energy distribution, which became a challenge when managing Disnorte-Dissur.

Secondly, TSK-Melfosur faced the challenge of managing significant debts assumed during the acquisition. The consortium took on US $85 million in debts as part of the transaction, with Albanisa, a sanctioned Nicaraguan-Venezuelan company, as the principal creditor. This debt burden may have strained the financial capabilities of TSK-Melfosur, especially if debt repayment terms were unfavorable or if there were unexpected financial obligations.

Additionally, TSK-Melfosur's decision to withdraw from Disnorte-Dissur was influenced by the fear of sanctions. Albanisa, the principal creditor, was sanctioned, and there were concerns that potential sanctions on the energy sector or specific companies could impact their operations. To avoid these risks, TSK-Melfosur chose to sell its shares and exit the Nicaraguan market.

Moreover, sources revealed that Albanisa, which maintained "financial control" over Disnorte-Dissur, faced challenges in importing oil, procuring spare parts, maintaining energy-generating plants, and receiving payments from electricity distributing companies. These financial and operational difficulties within Albanisa may have had a ripple effect on TSK-Melfosur, contributing to their decision to withdraw.

Lastly, TSK-Melfosur's role in the consortium may have been primarily as a figurehead to create the impression that energy distribution was in the hands of a European private company. One source suggested that TSK-Melfosur had "no real power" within the distribution company, indicating that their influence on financial decisions and strategic direction might have been limited. This lack of actual control could have hindered their ability to address financial issues effectively.

TSK-Melfosur was never the sole owner of Disnorte-Dissur

The consortium was created to negotiate the acquisition of shares in Disnorte and Dissur, the companies responsible for electricity distribution and commercialization in Nicaragua. TSK-Melfosur was the majority shareholder in Disnorte-Dissur, but it did not have complete ownership. The Nicaraguan government officially owned 16% of the shares.

Furthermore, sources indicate that TSK-Melfosur had no real power within the distribution company. It was managed by agents of Albanisa, a company under the control of the ruling family. TSK-Melfosur's role was primarily to give the impression that energy distribution was in the hands of a private European company. In reality, it was not a distribution company and had no prior experience in sales or distribution.

In 2020, TSK-Melfosur withdrew from Disnorte-Dissur, selling its shares to another private company, the identity of which remains anonymous. This move was likely due to fears of being affected by US sanctions against Albanisa, which still maintained financial control over Disnorte-Dissur.

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