Global power generation utility owner AES is acquiring the remaining half of its liquefied natural gas power plant operation in Panama.

The Virginia-based AES acquired 49.9 percent of AES Colón from Panamanian partner Inversiones Bahia Ltd. This gives the utility owner full control of the 381-MW LNG-fired plant and adjacent 180,000-cubic-meter storage and regasification facility.

“This transaction reaffirms AES’ commitment to Panama and represents a new milestone in the execution of our regional LNG strategy to deliver cleaner, reliable and efficient energy to our clients.  This acquisition will contribute to maximizing the value of our regional LNG business through the development of important synergies and flexibility across our portfolio,” said Juan Ignacio Rubiolo, President for AES’ Mexico, Central America and the Caribbean Strategic Business Unit.

AES and its partners constructed the terminal and power project in 2018. One year earlier, AES and French energy company Engie agreed on a joint venture to market and sell gas imported into the Colón LNG facility, according to reports.

Operations of the Colón combined cycle gas turbine power station started that year.

AES also has partnered with other firms on LNG projects, including the Energia Natural Dominicana joint venture. EPC firm McDermott International also was contracted to lead construction on the AES LNG import terminal in Duarte, Dominican Republic.

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