Celsia completed the sale of part of its assets in Panama

Celsia, an energy company Argos Group, announced the closing of the sale of part of its power assets in Panama and Costa Rica to Fontus Spain SLU, to EnfraGen, LLC, which manages renewable energy and grid stability assets in Latin America.

Celsia remains present in Panama, Costa Rica and Honduras, with a focus on solar energy business for business clients, where it expects to reach 200 MWp of installed capacity by 2026.

Additionally, in the expansion of transmission and distribution asset management models and in energy efficiency solutions.

With this transaction, Celsia will receive USD 194 million for its shares, and will reduce its debt by USD 198 million.

“Funds from sales some assets from Central America They allow us to obtain the necessary liquidity to execute share buybacks approved by our shareholders, reduce our debt levels and advance international growth opportunities, such as the purchase of the Caravelí wind project in Peru, which fits into our renewable energy strategy.” , said Javier Gutiérrez, head of Celsius for Central America.

The assets that were sold in Central America and which EnfraGen began to manage are the Dos Mares hydroelectric complex in Chiriquí (Panama), with a capacity of 119 MW, which consists of hydroelectric plants: Prudencia (60 MW), Lorena (33.7 MW) and Gualaca ( 25 MW).

It also includes the Divisa and Celsolar solar farms (Panama) with a total capacity of 19.7 MW, as well as the Guanacaste wind farm (Costa Rica) with a capacity of 49.5 MW.

For the transaction, Celsia had Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel in New York; Alcogal as legal advisor in Panama, BLP as legal advisor in Costa Rica and Banca de Inversión Bancolombia as exclusive financial advisor.

“We thank those 102 associates, whowho succeeded with their talent and ability put this asset at a very high point for the electrical system of both countries,” commented Gutiérrez.