AES takes full stake in LNG facility in Panama
US energy company AES said September 14 it now owns the entire stake in a liquefied natural gas terminal in Panama.
For undisclosed terms, AES said it acquired the 49.9% interest in the AES Colon terminal from Inversiones Bahia, a private-equity firm in Panama, increasing its ownership to 100%.
“This acquisition will contribute to maximising the value of our regional LNG business through the development of important synergies and flexibility across our portfolio," said Juan Ignacio Rubiolo, the president for Latin American operations at AES.
The LNG facility in Panama consists of a 381MW LNG-fuelled power plant as well as 180,000 m3 of storage capacity.
Panama’s president Laurentino Cortizo in June said the nation should start on a path to a cleaner future by creating a new grid that depends more on natural gas as well as renewable energy resources such as wind, hydroelectric and solar power.
A new consortium led by the government and private companies InterEnergy Group and AES will utilise a $1bn investment to build a new plant, dubbed Gatun, to process natural gas.
AES said commercial operations at the complex would allow for the use of LNG throughout the region and establish Panama as the natural gas hub for the Central American region.