InterEnergy Group Invests in a megaproject that will provide 670MW of capacity to Panama’s electricity matrix

June, 2021

  • The project involves an investment of more than $1.0 billion dollars, and is estimated to generate more than 3,000 jobs during construction.
  • The plant, located in the province of Colón, will generate 670MW using natural gas as its fuel source.
  • InterEnergy Group operates in 5 countries in Latin America and the Caribbean. In Panama, the company owns the Laudato Si´ Wind Farm, located in Coclé, and the Ikakos Solar Park, located in Chiriquí.

Panama, June 1 st , 2021. – InterEnergy Group, an energy company with more than 1.3 GW of installed capacity in Latin America and the Caribbean, is the senior partner of Group Energy Gas Panama, a company that will be responsible for building, developing and operating the ‘Gatún’ power generation plant located on Telfers Island, Colón. The plant will use natural gas as fuel and will have an installed capacity of 670 MW. The minority partner of this project is AES Panama; and the Panamanian government also is a shareholder of this transaction.

With this project, InterEnergy will expand its installed capacity in the region to 2GW. The company leads the consortium making a direct investment of more than $ 1.0 billion dollars for this project, thus contributing to the economic and social revitalization of Panama. In addition, in its peak construction phase, the project will generate more than 3,000 jobs.

“This investment reaffirms our commitment in energy transition towards the use of cleaner energy in our portfolio in Latin America and the Caribbean. With this investment we reiterate our confidence in Panama, and our commitment to more sustainable and competitive development. As a group, we value the coordinated and complementary work between the public and private sectors, as key elements defined by the Sustainable Development Goals”, said Rolando González Bunster, CEO & Chairman of InterEnergy Group.

This plant will diversify Panama’s electricity matrix by adding 670 MW of cleaner energy and will allow it to have a reliable and stable electricity system. The plant’s generation guarantees the firm capacity required by a country in constant growth. Similarly, this investment is a very important step toward positioning Panama as an energy hub in the region.

“We know that having a strong electrical system is important for the country, and to achieve this it is crucial to have reliable energy that allows the development of renewable projects. We operate under high international standards of compliance, which allows us to offer a top-quality service for the country”, said Tito Sanjurjo, CEO of Group Energy Gas Panama and Managing Director, Head of Thermal Energy at InterEnergy Group.

Among the planet’s most important challenges are climate change and global warming. Achieving a low-carbon economy that is able to meet the needs of its citizens requires a transition in which natural gas plays an important role. Therefore, InterEnergy and AES Panamá, who have successful joint projects in other countries, have decided to invest in this new natural gas plant that will provide reliable and low-emission energy to thousands of Panamanians.

InterEnergy Group has generation projects in Panama, Jamaica, Chile and the Dominican Republic, having invested more than $1 billion dollars in the acquisition of renewable energy projects and the decarbonization of its own generation matrix in recent years. In Panama, the company owns the Laudato Si ́ Wind Farm (215MW), the largest in Central America and the Caribbean, located in Coclé; and the Ikakos Solar Park (40MW), located in Chiriqui.