AES Panama announces an investment of 70 million dollars in 2024

The company AES Panama delivered 5,014,665.80 million dollars for the participation of the State of Panama of 49% of the shares.

Dividends were delivered on Minister of Economy and Finance, Héctor Alexander, Miguel Bolinaga, President of AES Panama.

Bolinaga highlighted the satisfactory growth of AES Panama, as well as existing and future investments within the country.

Currently, AES Panama is building the Gatún plant in the province of Colón, and has also announced an investment of $70 million in seven solar parks beginning in 2024.

Solar parks will be located in the province Western Panama, Los Santos and Chiriquíthe president of AES Panama detailed.

AES Panama owns four hydropower plants with an installed capacity of 777 megawatts in Changuinola 1 (223 MW), Bayano (260 MW), Estí (120 MW), La Estrella (47.2 MW), Los Valles (54.8 MW) and barge Estrella de Mar 1 (72 MW).

AES Panama Generation is the largest private power producer in Panama and has a solid market position thanks to a strong and diverse asset portfolio and flexible cost structure, according to the rating agency. Fitch Rating in July last year.

Fitch forecasts that the combined production of the companies (AES Panama, AES Changuinola and AES Colón) represented 39% of the country’s production during 2021 and 40% in Q1 22. The company increased its presence in Panama by expanding into wind and solar power and adding 88 megawatts (MW) between 2021 and 2022.

In December 2022, the company delivered two checks, corresponding to the dividend payment and capital reduction, to the Panamanian government for its 49% stake.

Delivered dividends, after application of the law with a deduction of 10%, amounted to 13 million 624 thousand 341 dollars with 7 hundredths, of which 9.23 million dollars corresponds to the dividend, and 4.38 million dollars to the reduction of capital.