Good morning. My name is Mateo Ochoa. I am an investor analyst, and thank you so much for being here today. We will be presenting the results of the third quarter. You can ask your questions through the window you will see on the right hand of your screen. Please send your name and the organization you belong to. At the end, in the Q&A session, we will be answering your questions. Mateo Toro will be here as well. Please go to the next slide. We also have our Chief Executive Officer, Juan Emilio Posada. We also have Olga Patricia Castaño Díaz, who is a Corporate Strategy Vice President. Gabriel Melguizo, Energy Transmission Vice President. Today's agenda starts, explain the relevant events for this quarter.
Daniel Isaza Bonnet will be giving us the financial results, and then we will go back to Juan Emilio for the closing messages. Then we will have the Q&A session. Daniel, let's go to the next slide.
Thank you so much, Mateo, and I am very pleased to be here with you today. Thank you so much for being here with us. Now, let's move on. Within the three domains of our strategy, ISA 2030. This is a strategy that is based on adding sustainable value, and we have several topics to mention about this quarter. On the first domain or dimension, providing value to shareholders, and based on the challenges for 2030 today, we still show our commitment with these increasing financial results. We have a robust capital strategy, and we also want to show that this is sustainable.
In this value dimension, we also want to highlight that we have 41 projects that are being executed, and at the end of this stage, they will add 1.7 billion COP, and the EBITDA margin will be around 90% of that value. This figure, the 1.7 trillion COP, includes the product of one project and three expansions in Brazil and one bidding process in Peru that was awarded to us in the third quarter. Then we will get the 317 billion COP. This not only highlights our leadership capabilities in the market, but also our commitment to expansion and sustainable growth across the region. We can highlight that our return on average equity for the first 12 months up to September 30th, 2023, is still at a very healthy level of 14%.
In the second dimension of our sustainable value strategy, the one that is related about creating a positive social and environmental impact, we want to highlight the bet that we have for the entrepreneurship and the Conexión Desarrollo program. Through this program, we have contributed to over 40 projects in different sectors to improve financial indicators, operational indicators, and formalization of business owners in the regions. This program, Conexión Desarrollo, was recently awarded by El Espectador, which is a newspaper here in Colombia. This award recognizes the best entrepreneurial practices. Last but not least, we also continue to use technology and innovation as growth levers that will help us in this energy transition. Later on, we will be talking about this a little bit more. A concrete example about innovation are the capabilities that we have been developing in technological solutions such as batteries and smart pumps.
We have been able to participate in certain bidding processes. These battery systems help improve the capacity of the grid, increase the supply of energy at certain times, and we have cost-effective solutions. Something important that we would like to highlight is the offer of the AFLO project. This is a system that controls flows in Chile. It is a very innovative system based on batteries that allows us to send more electrons through the same lines without risking the supply, and even protecting in case of circuit failures. The benchmark reference of this project is around $400 million. On the other hand, solutions such as smart vaults that are already in execution in some of our projects, allow us to redirect the flows of a circuit to optimize distribution of energy transmission and the use of the grid.
In summary, these advanced energy solutions are a move forward towards our search of a more reliable energy grid, that also increases its productivity for the next years. By combining innovation and technology, we can improve the grid's capacity to face challenges, and we also increase the reliability of energy supply. Daniel, after covering the progress in these three dimensions in our sustainable value strategy, let's move to the next slide, so we can go deeper, or we can delve into some of these topics. Additionally, we want to tell you about four subsequent events that happened in the third quarter, things that happened in October, and we think this could be of your interest. On October 27th, last Friday, ISA, in partnership with Grupo Energía de Bogotá, won the largest energy transmission bid that was conducted in Peru.
It is the link Huánuco-Tocache-Celendín-Trujillo, and the 500-kilovolt Celendín-Piura, from now onwards, TOCE-CEPI. Those would be the two acronyms that would be used, T-O-C-E-C-E-P-I. The length is over 1,000 km for the Peruvian lines. The estimated investment by PROINVERSI`ÓN is around $833 million. And once this project is in operation, towards 2029, it will lead to annual revenues of $83.5 million, consolidating our participation in the energy transmission system of Peru even more. Another important event that happened in October, after closing the quarter, on October the 18th, ISA Intervial signed a complementary agreement on the Ruta del Maipo in Chile with the MOP, the Ministry of Public Works. The estimated investment is $83 million. This agreement includes the construction of streets, pedestrian bridges, and other works that will increase safety on the road. Estimated time of construction is 2.2 years.
In Panama, we are waiting to be awarded the Concesión Panamericana Este. We presented our best offer in the auction that took place in July, and we are waiting for a decision. We're waiting to get this bid awarded. This is a project that includes the enablement of 246 km, operations, and maintenance for over 14 years. The road, this is part of the Pan-American Highway. This is a road in Panama, and its length is 270 km. Last but not least, on October 31st, we presented an offering for the southern orbital concession in Santiago, Chile. This is a concession that is about building and operating a greenfield project with a length of 24 km and several underground sections, and the investment is over $5 million. The limit is 46 years of this concession.
After covering these events that happened in October, now we can move to the next slide to delve into some of these aspects. Let's remember that the central pillar of our corporate strategy is sustainability. One of the three pillars of this sustainable value strategy is about producing a positive social and environmental impact in the countries where we have presence. For instance, through the Conexión Desarrollo program, we strengthen communities in the regions where we have an impact, and we have social and environmental initiatives. When both are reinforced or strengthened, since 2021, we have focused our efforts in supporting entrepreneurial projects, and we have benefited over 1,800 people, and investments total 5 billion COP in tourism, agriculture, livestock, and agribusiness. Thanks to these programs, as I told you before, we were awarded the BIBO award.
We have participated in San Andrés Islas, the province of Bolívar, the province of Vichada, and the province of Chocó. Additionally, through the affiliate in Brazil, we got a recognition in the gold category by GHG Protocol. This is an international body that establishes methodologies to quantify the carbon footprint. This demonstrates that ISA reveals in a transparent manner its GHG emissions. Now let's move to the next slide. Now let's talk about investments. The executed CapEx is 3.5 billion COP, and specifically in the third quarter, it went up to 1.1 billion COP. They all contribute to the energy transition and are centered in the human being. Most of these projects will enable interconnected system and will strengthen transmission lines. This CapEx was distributed in the following manner: 85% was focused on the energy transmission business, 13% on roads, and 2% on telecommunications.
Now let's talk about countries. In Colombia, 32% of the investment was here in Colombia, and we moved forward in the construction of other project expansions. The ones that were awarded by recent bidding processes and B2B projects. Brazil participated, where Brazil's share was 41% with an extensive plan of improvements and construction. In Chile, we continue executing projects in our main two businesses. Energy transmission, we worked in four expansions. We increased capacities and a new substation in the ISA Interchile network, and also the project Nueva Lagunas-Kimal, which is 100% owned by ISA, and also Kimal-Lo Aguirre, where ISA owns 33%. As for roads, we moved forward in building section one and section two of Ruta del Loa. So we were improving these roads and Ruta de Los Ríos as well.
Additionally, in Ruta de Los Ríos, we started execution the complementary agreement that was signed on the first semester and the Ministry of Public Works of Chile between those two entities. In Peru, we focused 10% of investments, and there, nine projects started to unfold. On the white boxes below each figure, you can see the distribution of the investments considering our equity share in those business lines or in those countries. We continue to work in the construction of 38 construction projects, energy transmission projects, and three road projects through ISA and the companies we control. All these projects will represent over 7,000 km of transmission lines and 133 km of roads. Now, Daniel, let's move to the next slide. In the third quarter, we also were able to reach some milestones in Brazil through ISA CTEEP.
We were awarded Lot 1 that will have over 1,000 km of transmission lines and will extend the life of our portfolio with this concession, which is a 30-year concession. Additionally, we were able to get the award of three extensions in Brazil and one bidding process that includes new projects in Peru. In total, the aggregated reference investment is 2.9 trillion COP or almost 3 trillion COP. In ISA, we continue to work to ensure our corporate sustainability by participating actively in the bidding processes where we have presence. Later on, we will delve into the growth opportunities that we have in the region. Let's move to the next slide, Daniel, please. Let's remember that we reported a total of committed and pending investments by 2030 that amounted to 25 billion COP, the gray column on the left.
Now, during the third quarter, these commitments went up to 28 billion COP. That variation is explained mainly by the execution of 1 billion COP, that it can be subtracted from the figure that was reported at the close of the second semester, and some new awards, + 500 billion COP. This takes us to the second bar, that is 28 billion COP. As for orange bars, they show the estimated execution of these investments up to 2030. For instance, we estimate an average annual execution of 5 billion COP in years 2024 to 2027.
Now, I encourage you to look at the green bars. Out of those 28 billion COP investments that are pending for execution, we would like to highlight the following. First, 17 billion COP in awarded projects at the close of September 2023 in all our businesses and geographies, + 4 billion COP that are commitment in reinforcements and improvements in CTEEP and Brazil. These two groups, the 17 and the 4 billion COP, will provide new revenue to ISA. With these investments that are pending to execute, that are about 28 billion COP, ISA consolidates itself as one of the largest platforms of energy transmission and road infrastructure.
Now let's move to the next slide. During the third quarter, we completed the construction of four projects to strengthen the energy grid in the region. In Colombia, we had two projects of photovoltaic energy in the province of Caldas, and the connection to the Nabusimake Solar Project in the province of Magdalena.
In Brazil, 13 reinforcements were in operation, and the first 4.0 substation that is equipped with cutting-edge technology when it comes to control and protection. These technological advances will move to other projects where ISA operates. Finally, in Peru, the Coya project, C-O-Y-A, that represented an investment of $297 million and allows the connection of clean energy sources from La Sierra and Lima, started operation in the previous quarter. Together, this project provide over 400 km of circuits to the transmission grid, and the revenue is above 100 billion COP. ISA continues to consolidate its presence in the energy market, contributing to the development and progress of Latin America. Now let's go to the next slide, Daniel. In the next 12 months, we see investment opportunities in the region. Can you please click? There you go. Thank you.
These opportunities amount 14 billion COP, and 14% corresponds to energy transmission and 40% to road infrastructure. In Colombia, we anticipate calls by the minor energy unit and bidding processes of $1.7 billion. In Brazil, we see business opportunities that are valued at around $3 billion. In Chile, the government has revealed important opportunities in the energy transmission sector with bidding processes for substations and the battery storage project that I mentioned before. Additionally, we anticipate participation in bidding processes and expansions of existing routes in the roads business, with an estimate of $4 billion in investments. This portfolio of opportunities also includes opportunities of energy transmission in Peru that amount to $1.5 billion. Now let's move to the next slide to give the floor to our financial VP, Daniel Isaza, with the financial results of the quarter.
Thank you, Juan Emilio, and good morning. Good morning, all. It's a pleasure to be here with you today. Now let's move to the next slide, please. To start showing you financial results on this slide, I would like to emphasize on two points. This is a slide that we already showed in the past, and the number that is inside this bubble is 10.6 billion COP, which is the revenue level that ISA has had for the first months of the year. As you can see on the left-hand side on this chart, this revenue is distributed by type of currency. Only 18% of this revenue is in COP, so the remaining 82% comes from strong currencies such as USD, Chilean peso, and Brazilian real. To your right, you can see the composition of this revenue by duration.
We're showing income that is even larger because we are growing at a pace, because of the concessions that we have that are over 10 years. In Chile, we have revenue for over 10 years because we have a project that is perpetual. This is a quick view of the total revenue, and by business line, energy, roads, and telecommunications. On the upper part of the chart, we see the behavior of the quarter, and then at the bottom, we see the last nine months. Two things are happening here. We will be explaining this in the next slides, and they are related with an important reduction in the revenue of the roads business, and it happens due to the way road concessions are being accounted for in Chile.
They use the same accounting method that is used in financial assets, and they recognize a monetary correction of the financial asset. In the third quarter of 2022, we've been explaining since then the change in the accounting methodology in Chile. Originally, this was recorded in Chilean peso, and now it is recorded in Unidad de Fomento or fostering units. This is why there was a revenue that was linked to this monetary correction that is above 250 billion COP. This year, in this quarter, we do not have that revenue. It is linked to the monetary correction. It's not that there's been a drop in the collections or the tolls collections that we have in Chile. This reduction is related to the accounting methodology that was used. The growth in energy is a highlight.
In the revenue, it is only 2%, and this is related to the revaluation of the COP. Even though businesses are growing in local currency, since there is a revaluation, when you get this in the consolidated financial statements, you see a reduction compared to previous quarters. Later on, we will elaborate a little bit more on this. We have a double-digit growth, a 12% growth in the business of energy, and 7% in roads, and 4% in telecommunications. Now let us move to the next slide. Just to explain what is happening here, the reductions in the quarterly revenues, we wanted to show you here a longer series of operational revenue without construction for the last seven quarters. Why are we removing construction from this chart?
As you are aware, ISA not only produces operational income, but also in the countries where concessions are recorded by the financial asset methodology or the contract assets methodology, which is the case of energy transmission in Brazil. In those countries, when we talk about infrastructure, we see a cost in the financial statements linked to construction, and it also has a revenue. It is theoretical, and it is the result of applying the CapEx execution, which is a margin of the profit. This is the way this is being accounted for there, but it does not have a reflection on the cash flow.
What is interesting about this slide is that if we think about the revenue and we compare the profile of the previous chart and the lines that you are seeing here, which is an indicator of the exchange rate between COP and USD, which is the yellow one, and the one for Peruvian soles is the gray bar. You can see this, that there is a devaluation of the COP. So for each BRL, CLP, especially in the first quarters of 2023, we were including each unit of those currencies at an exchange rate that was 20% higher than the one that we had before. As you may all know, there is a relevant revaluation of the COP. So this is why we are starting to take the income and the results of these companies that have a different currency from the COP.
This is why, or this is most of the explanation of what we are seeing here as income reduction or revenue reduction. There is another element on this chart, and that is the one that I was explaining before, and it is related to the accounting methodology of financial assets or road concessions in Chile, which is the green component that you see here. It illustrates the effect of the monetary correction of the financial asset. There were some strong moments in 2022, the third and fourth quarter, and even in the first quarter of 2023, due to inflation. Basically, that is reflected in the net present value and increases the value of the financial assets, and this also reflects on the revenue. It does not affect the cash flow. This effect in the third quarter of 2023 is very small.
It's 13 billion COP, especially if we compare it with the effects that we had on previous quarters. Now let's move to the next slide, please. In terms of margins, here we see the net profit to the right and the EBITDA on the left. We see an increase in the EBITDA in the first nine quarters of 9%, and net profit is increasing by 19%. The profit that we have accumulated is-
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Compared to 2022, the profit that we had has improved. We were expecting a profit that was growing from 2.2 billion COP and 15% in 2023, and this is something that we keep, and we think we will be moving around the same range. We saw this in the shareholders assembly. On the next slide, Daniel, please. There is an explanation, or this is the way the change in the EBITDA margin unfolded. As you know, this company moves in a simplified way by two situations. One, there is a change in the composition of the operations and maintenance revenue, which is the largest income, compared to construction revenue, where we develop infrastructure projects, considering the accounting methodologies that I already explained. These two businesses have different margins.
The construction business has a significantly lower margin than operations and maintenance, because it not only compensates the maintenance and the operation of assets, but also capital investments. What's been happening when you compare nine months of 2022 against nine months of 2023, is that there is a compression of two points in the operational margin in operations and maintenance. This is mainly related to the change of trend, since we see less inflation in most of the countries. The reduction in Colombia is very slight, but in countries such as Chile and Brazil, inflation reduction is relevant. Those new inflation indicators, in many cases, are the ones that are increasing revenue, and they are smaller than inflation indicators that are increasing costs, which are cost index of many operations and maintenance costs.
What is happening is the opposite of what was happening last year, where costs were being calculated with lower inflations, and revenue with higher inflation. There are also changes in the composition and the margin in the revenue in construction. Additionally, there is a reduction of 0.5% in the margin, and this is linked to lower revenue in the co-controlled companies, and this is related to the way we recognize revenue in Brazil, in TAESA. This is also part of the calculation, and we see less revenue due to the monetary correction of the financial assets, and this is lower than last year due to the decrease in the inflation rates. Let's move to the next slide. Juan Emilio Posada was telling you about the company's backlog in terms of investments, 28 billion COP, and it's very important to think about this figure in terms of our capital structure.
Here, the signs are very positive, and we are experiencing a very healthy situation, a leveraging situation. The indicator between the gross debt over EBITDA is 3.4x . Last year, it was 4.2x, so there is a significant reduction in the leveraging indicator. The balance of the debt, since the peso is getting stronger compared to other currencies, the debt that we have in dollars has a lower value in COP. This is showing us the translation effect, and we can see how between December 2022 and September, we have a reduction of 9% in the consolidated debt balance, 30.9 trillion COP. The debt composition, which is shown at the bottom of the slide, shows some of the elements of our debt profile. I would like to highlight that we are participating more in the capital market in the long run.
43% of these emissions are green bonds. Now let's move to the next slide. On this slide, I would like to add something to wrap up my session and give the floor back to Juan Emilio Posada, to highlight one of the most relevant ISA's attributes. Definitely, ISA is the energy transmission platform that is more diversified by country and by asset class, and this has a lot of benefits in regulated businesses. What you see here is the total revenue of the energy transmission business for the last 12 months up to September 2023. This looks similar to the 10.6 billion COP of total revenue that we have in the first nine months. It is a little bit higher, and it is the proportion of total income that we have for the last 12 months in the energy transmission business.
What you can see here is that the portfolio is diversified. In Brazil, we have an important component, 48%, and remember that this is based on the IFRS consolidation standards. We have 25% in Colombia, 22% in Peru. Now, if we zoom in and we want to understand this diversification based on assets, let's double-click on Colombia. Out of those 10.9 billion COP, 25% are these 2.8 billion COP that you see at the center of this circle? It is interesting seeing that a business that started with some legacy assets, today, the revenue is 60% of the total revenue. And the expansion projects give us some revenue in dollars for periods of 25 years, and they amount 25% of our revenue. And there is also a 16% that comes from the B2B revenue that doesn't come from the government, but from companies, and they total 16%.
There is a very interesting diversification based on the asset class. The next circle explains the diversification based on asset class in Brazil. Brazil essentially had some legacy assets, and then the RVC component. Then this contract was renewed. Today, this revenue is 21% of the revenue. 21% of the income is received by the operation and maintenance of those legacy assets, and 23% of the income is related to expansion process that we have won in public auctions. These are also fixed incomes for long periods, 30 years. Unlike the ones in Colombia, they end in 2030. Colombia's project finish in 2025, and then these assets will become legacy assets. It is very important to highlight here that in ISA CTEEP, Juan Emilio was explaining this when we were talking about the investment backlog.
Today, these improvements lead to 24% of the revenue, and these are compensated investments. This is a very interesting growth line. We continue to invest in it, as Juan Emilio explained. With this, I will give the floor back to Juan Emilio so he can continue with the presentation. Thank you so much.
Thank you, Daniel. Daniel Toro, can you please move to the next slide? These closing messages aim at strengthening key messages of the presentation. First and foremost, as you can see with the backlog that Daniel Isaza was mentioning, it is nothing more than the total of the committed investments that are pending their execution, and they total 28 billion COP. We are highly committed to this invest. We demonstrate the commitment that we have with our company.
We are investing permanently, and we are also committed to adding value to this company, not only to the shareholders, but also to all the dimensions. Additionally, we are also enabling energy transition by energizing these four projects, because these four projects improve reliability on the systems and the efficiency of the grid. Finally, I hope we were efficient in our message. I also hope we were compelling. We have a sound financial capability that allows us to expand as a diversified platform in terms of currency, business types in Latin America. Finally, I ask Daniel to move to the next slide, please. Let me share my thanks to ISA's board of directors. On October 27th, we reported that I will be the Chief Executive Officer up to January 2nd, 2024. This has been an incredible time that has been filled with challenges and also achievements.
I would like to capitalize on this to reflect about the milestones and achievements. Thanks to the board of directors, thank you to the senior management, and to all the people that are part of ISA in the countries where we have presence, around 5,000 people in total. My deepest thanks to the board for trusting me and for their generous message that is highlighting our achievements. With my leadership, we have experienced exponential growth, we have exceeded the target, we have been able to achieve record highs of growth, and we have been able to achieve important milestones towards meeting the targets of the ISA 2030 strategy. I am very proud of our expansion success in Chile, Peru, Brazil, because we were able to get new businesses for around $2.7 billion, and over 3,000 kilometers of infrastructure between July 26 and the present. We continue to grow.
I hope these figures continue to be as encouraging as they have been. We were also able to make progress in the sustainable value strategy. We also defined a 2.0 InterNexa strategy. We implemented seamlessly the Sarbanes-Oxley Act in record time. We created Creamos Impacto. Creamos Impacto is a social innovation project that aims at providing access to power energy and connectivity to all the communities that are in the area of influence of ISA's infrastructure in the entire continent. We are working so all the communities that are in our influence area have access to power energy and data connectivity. We strengthened our organizational talent system, since we were able to strengthen the succession model in critical positions. Some people retired, so there was a movement in the succession chain, and these people were promoted from our own company, or they came from Ecopetrol. We certified some women.
We also created ISA Campus, our corporate university. As you can see, this is just to mention some important achievements. All this was possible due to the effort and commitment of the ISA team and all the companies in Latin America, and the excellence, quality, and reliability culture. It was strengthened thanks to the leadership and participation of all the ISA employees. I celebrate these achievements, and I wish a great future to ISA, with lots of success in its ISA 2030 strategy. Thanks again to the entire team and to all the recognition. Mateo, let's start the Q&A session. My deepest thanks to all of you.
Thank you so much, Juan Emilio Posada. Let's start the Q&A session.
The first question that we have is by Andres Duarte, and he is asking us, "What is the explanation of the lower activity in roads construction?"
Thank you so much for your question. I would like to ask our Business Growth Vice President to answer your question, Andres. Thank you so much.
Thank you, Juan Emilio Posada. Andres, thank you so much for your question. In the roads business, right now, we have works in executions that amount to $472 million. The largest one is the Ruta del Loa. We are also executing works in Araucanía and Los Ríos. The Ruta del Loa, which has an investment of around $349 million, the progress is 69%. We had some delays on the third quarters because the Ministry of Public Works took some time to approve certain projects, and also the expropriation of some territories.
It is important to highlight that in Chile, this risk is taken on by the state. The activities of sector A, which represents the largest section of the project, continues in execution. It will be completed by 2024. It is important to highlight that the expectations that we have in the short and mid run are very positive, as Juan Emilio Posada mentioned. We have signed three new complementary agreements in Chile for about $160 million. We are waiting for the awarding of the Pan-American Road in Panama, which is approximately $287 million. We also submitted an offering for southern orbital in Santiago. This is a road that will be connecting an outer ring of Santiago with an estimated CapEx of $500 million. We will be able to know the results of the process in about a month.
We also have a very robust pipeline of projects in Chile, Colombia. We are waiting for processes to move forward and for the bids to open. Thank you so much for your question.
Sebastian, thank you so much. Mateo, you can ask the next question, please.
Thank you so much, Juan Emilio and Sebastian. This is the second question. This was also asked by Andres Duarte. He is asking us about the current growth expectation of ISA in Colombia. Is it based on the expansion plan or the roadmap of just energy transition?
Thank you so much for your question. Gabriel Melguizo, he is our Energy Transmission Vice President, to answer this question.
Thank you so much, Juan Emilio, Andres, and everyone. Good morning. Thank you so much for your questions.
First, I need to start by saying that one of ISA's focuses is that the energy transition not only happens in Colombia, but also in the other countries where we have presence. In the case of Colombia, the national government, together with the sector, has been working on their roadmap. Several mechanisms are aligned. The National Energy Plan, it was published by UPME in July this year, and this is also in line with the expansion plans that include energy transmission relevant projects. Their roadmap is in line with all these instruments. Regarding the projects that are currently going to be in bidding processes. We are participating in these processes, and we are putting all our effort to get these projects and continue to work with the energy transition. Thank you so much for your question, Andres. The floor is yours, Mateo. Thank you.
Jose Rojas is asking this question, and he is asking, what is the CapEx guidance that we have for 2023? Based on the execution of this quarter, is it in line with the CapEx execution by the end of the year?
Thank you, Mateo. Thank you, Jose, for your question. I will give the floor to Daniel Isaza to answer this question.
Thank you for your question, Jose. At the close of September, we have executed 3.5 trillion COP, and our projection for the fourth quarter of this year is 1.8 trillion COP. We would be closing the year in 5.3 trillion COP, which is in line with our initial CapEx projection for this year. Thank you.
Thank you, Daniel. Mateo, next question, please.
Okay, great. We have another question by Andres Duarte, and he is asking us, what is the share of the concession that you won in Peru?
Thank you so much for your question, Sebastian. You can provide the answer to this.
Andres, thank you so much. We are very happy to have won the largest project in Chile. Investments of above $800 million and over 1,000 km of energy transmission lines. On October 26th, we signed an alliance with Grupo Energía Bogotá. This alliance or partnership is subject to regulatory approvals by Peruvian entities, especially by INDECOPI, but the goal is to have a co-control structure together with Grupo Energía Bogotá, where ISA has a participation of 50% and Grupo Energía Bogotá another 50%. As I mentioned before, this is subject to regulatory approvals from Peruvian entities. Thank you so much.
Thank you, Sebastian. Next question, Mateo, please.
Sure. We have a question from Leonardo Botero, and he is asking us, "What is the contingency plan in Colombia against the blow-up of the transmission towers, especially during El Niño?"
Thank you so much, Leonardo, for your question. I will give the floor to Gabriel so he can answer.
Thank you so much, Juan Emilio and Leonardo. Let me clarify that Colombia had very complex years when it comes to terrorist attacks to infrastructure. This year, we have not had any important events against the infrastructure, and we hope that this situation continues. We hope we do not get any terrorist attacks against the transmission towers. We conduct a rigorous asset management, and as part of this, we have contingency plans, not only to protect against these terrorist attacks, but we also want to ensure high availability and reliability of the service in all the operation in the country.
The El Niño phenomenon poses several threats. As part of asset management, we are focusing our efforts in overcoming El Niño phenomenon, and we are highly prepared. Thank you so much.
Next question, please.
Another question by Valora Analitik, and he is asking us, "In the mid-run, are there any new bonds issuances or shares repurchasing?"
Thank you so much for your question, and Daniel Isaza can answer this question.
Thank you. Yes, actually, we are assessing in Colombia to go to the capital market with some bonds in pesos, in COP, to fund our investment plan. With this bonds issuance, we are solving our liquidity situation for the investments that are coming for next year.
Regarding debt repurchase, we have a partial repurchase of the bond that we have in Interchile, and this is a process where we want to take advantage of the market moment where there is an important discount level for the bond. We would be executing this operation soon. We do not want to repurchase any shares so far.
Thank you so much, Daniel. Let us move to the next question.
We have two questions from Juan Jose, from BTG Pactual. First question: "Have you found a headhunter to find the replacement of our Chief Executive Officer, Juan Emilio? In the search of the Chief Executive Officer, are you starting now that process, or are you waiting till January to find the new Chief Executive Officer?"
Thank you so much for your question.
ISA bylaws say that the board of directors is the one that decides who is the person that will be nominated as the new Chief Executive Officer. This is a process that is led by the Organizational Talent Committee of the board. Also in the bylaws, it is said that it should require the assistance of a headhunter. Everything is done by human resources, and the agreement that we reached is so recent, so I guess they are just starting to take the first steps towards this. The talent committee is the one that will be defining the headhunter. It is a process that will not take long. Usually, it starts as soon as possible.
Thank you so much, Juan Emilio, for sharing your answer. This is all for today. Thank you so much, everybody, for being here with us, and have a great day.
Thank you so much.