Empresa de Energia de Bogota (EEB), a Colombian utility firm, has raised $409 million in a secondary share placement, The Wall Street Journal reports. The firm, which initially offered $370 million, saw demand for the stock issue reaches $485 million.

Empressa is looking to extend its operations to Peru and Guatemala, and is evaluating a natural gas transportation business in Chile. The firm’s expansion projects require $956 million in new spending commencing next year.

Click here for the story from The Wall Street Journal.