AES Panama and MEF sign capitalization agreement for Gatun power plant

The Ministry of Economy and Finance (MEF) and AES Panama signed a capitalization agreement for the Gatun power plant, which would add some 470 megawatts to this energy matrix.

The document was signed by the Minister of Economy, Héctor Alexander, representing the Panamanian State; Miguel Bolinaga, president, and Óscar Batres, treasurer of AES Panama.

The president of AES Panama pointed out that what is being signed is the participation in the Gatun project, which is one of the largest in Central America. To date, the work is about 61% complete and its operations are projected to start in mid 2024.

"It is positive for the Panamanian State to invest in natural gas, since it owns 50.4% of the company AES Panama," said the president of AES.

"It is expected that in January the first turbines will start operating, which will bring much more stable and more economical energy for all Panamanians", he added.

With this signature, between the majority partners of AES Panama, for the sub-contribution regarding the construction and operation of the investment in the Gatun generator, the strengthening of the national energy matrix has been facilitated, said Francisco Alvarez, director of Investments, Concessions and State Risks (Dicre) of the MEF.

"It is a good moment, since the State becomes an investor in this important project, which will add a significant amount in terms of the energy matrix, which will be produced in this natural gas plant", he added.

With an investment of $1.2 billion, the Gatun Generating Plant is being built in the province of Colon, with an electric generation capacity of 670 MW (megawatts) to be injected into the energy matrix.