AES sells stakes in two LNG terminals for $190 million

US energy company AES has agreed to sell minority stakes in its LNG import terminals in the Dominican Republic and Panama for $190 million.

AES said in a statement that these sell-downs of its businesses in the Dominican Republic and Panama expand its existing strategic partnership with Grupo Linda and add a new partnership with Grupo Popular’s subsidiary, AFI Popular, through one of its closed end funds.

The agreements include the sale of 10 percent of AES’ business in the Dominican Republic to Grupo Linda and AFI Popular.

AES’ businesses in the Dominican Republic include an LNG regasification terminal, with a 160,000 cbm LNG capacity storage tank, the AES Andres 319 MW combined cycle gas turbine plant, DPP 328 MW combined cycle gas turbine, as well as an additional 150 MW of solar and wind power plants.

Launched in 2003, the 1.7 mtpa AES Andres LNG terminal provides regasified LNG for power plants as well as customers in the industrial and transportation sectors.

In addition to this deal, AES agreed the sale of 20 percent of AES Colon in Panama, also to Grupo Linda.

AES Colon includes a 381 MW combined cycle gas turbine with an adjacent regasification facility that has a 180,000 cbm LNG capacity storage tank.

In 2021, AES became the sole owner of Panama’s first LNG import terminal in Colon, following the sale of Inversiones Bahia’s stake in the complex that includes the power plant.

The project came online in 2018 and the LNG tank reached commercial operations in 2019 allowing Panama to become a regional LNG distribution hub.

The duo has invested about $1.15 billion in the 1.5 mtpa facility located near the Atlantic entrance of the Panama Canal.

AES said the sell-down agreements will provide collective proceeds of $190 million to AES, putting the company on track to achieve its asset sale proceeds target for the year.

As a result, AES has secured all external funding included in its 2023 capital plan, which is comprised of the proceeds from these sell-down agreements, plus those from other transactions announced earlier this year, it said.

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