Posted on 2018-08-29
With an investment of USD 1,150 million, the first natural gas-based power plant and the first LNG terminal in Panama and Central America, owned by the company AES Colón, came into operation. Built in a record time of only 27 months, this project creates an energy hub that will facilitate the development of new businesses and industries. AES, the first investor in the energy sector in Panama, together with Inversiones Bahia, are the owners of the plant. With this project a new fuel is introduced to the national electricity market that will contribute to strengthen the country's competitiveness in energy matters.
The plant has an installed capacity of 381MW. "AES Colón is a reality, a project built in a record time of 27 months with which we continue to contribute to the economic growth of the country, bringing the total of our investments to approximately USD 2,600 million. These investments are the result of the trust that AES has placed in Panama during almost 20 years of operations in the country "said Miguel Bolinaga, President of AES in Panama. The new electric generation plant imports gas from the United States, which currently has one of the most competitive prices in the global market. This fuel positions Panama on the world map of LNG and facilitates new opportunities for services, business and development of various industries in the country. As it is a more environmentally friendly fuel with limited emissions, it has become the main option for multiple sectors, including power generation, thermal plants at all scales, public transport and heavy cargo worldwide.
For his part, Juan Ignacio Rubiolo, Regional President of AES for Mexico, Central America and the Caribbean, said that "the inauguration of AES Colón makes a regional desire to have a more robust and competitive energy matrix possible by having natural gas as fuel. base. With this facility we can efficiently supply the Central America and Caribbean region, complementing the terminal we operate in the Dominican Republic since 2003. It is a great step towards the integration of Panama and the region, contributing definitively to a cleaner, more sustainable energy future". AES has more than 15 years of experience and successful operation of the LNG terminal, AES Andres, located in the Dominican Republic, with which it contributes with the development of that country and avoids approximately 4 million tons of carbon dioxide emissions to the year.
"The inauguration of AES Colón is a significant step towards the diversification of the energy sector in Central America and the Caribbean, by introducing cleaner alternatives in Panama and the countries of the region," said Andrés Gluski, President and CEO of the AES Corporation. "We hope that the entry of LNG, coming from the United States, which has one of the most competitive prices on the world market, will transform the Central American energy sector, as it has done in the Dominican Republic. This installation is the latest example of how innovation is driving a cleaner energy future on a global scale. "
This new operation of AES will allow Panama to have a stable offer of a new fuel, improving its level of competitiveness globally, facilitating the development of various businesses and industries, among many other opportunities that will contribute to the diversification of the country's economy and the region.
Source: AN PanamaTweet
Our Panama attorneys law firm offers a Guide to Doing Business in Panama completely FREE! Download here!Get it now