AES Panama LNG

completed

The project (the “Project”) comprises the development, construction, operation and maintenance of an integrated gas to power facility in Panama consisting of: a 380MW net combined cycle gas-fired power plant and an onshore liquefied natural gas (“LNG”) import terminal with an 180,000 m3 storage tank. It also entails the construction of power evacuation facilities to interconnect the generation plant with the existing electricity transmission network. The Project will be developed under two special purpose vehicles: Gas Natural Atlantico, S. de R.L, as the power plant owner, and Costa Norte LNG Terminal S. de. RL, as the LNG terminal owner. The Project will sell 350MW of capacity and associated energy to 3 distribution companies: EDEMET, ENSA and EDECHI, under 10-year power purchase agreements (PPAs) awarded in September 2015 through a competitive bidding process led by ETESA – the state-owned transmission company. The remaining capacity and energy generated by the Project will be sold on a merchant basis in Panama’s wholesale electricity market.