US energy company AES is now the sole owner of Panama’s first LNG import terminal in Colon, following the sale of Inversiones Bahia’s stake in the complex that includes a power plant.
Virginia-based AES said on Tuesday it bought a 49 percent stake in AES Colon from Inversiones Bahia, increasing its ownership to 100 percent.
AES Colon includes a 381 MW LNG-fired power plant and a 180,000-cbm LNG storage and regasification facility.
The project came online in 2018. According to AES, the partners previously contracted 100 percent of the output from the generation facility through 2028.
Also, the LNG tank reached commercial operations in 2019 allowing Panama to become a regional LNG distribution hub.
The duo has invested about $1.15 billion in the facility located near the Atlantic entrance of the Panama Canal.
“This transaction reaffirms AES’ commitment to Panama and represents a new milestone in the execution of our regional LNG strategy to deliver cleaner, reliable and efficient energy to our clients,” said Juan Ignacio Rubiolo, president for AES’ Mexico, Central America and the Caribbean strategic business unit.
He added that this acquisition would contribute to “maximizing the value of our regional LNG business through the development of important synergies and flexibility across our portfolio.”
