The U.S. energy company AES Corporation will acquire a 49.9 per cent stake in AES Colón LNG plant, increasing its ownership to 100 per cent.

AES Colón includes a 381-megawatt LNG-fired power plant and a 180,000 cubic metres LNG storage and regasification facility.

Originally, AES, owned a 50.1 per cent stake in the Costa Norte LNG import terminal in Colon, Panama. The other 49.9 per cent share belonged to the local company Inversiones Bahia.

This was Panama’s first LNG terminal. The project came online in 2018.

The company announced today the acquisition of the 49.9% stake from Inversiones Bahia. Therefore, it will become the sole owner.

In addition, 100 per cent of the output from the generation facility is contracted through 2028.

This acquisition also represents a new milestone for the company. That is to say, it is a part of the company’s regional LNG strategy to deliver cleaner, reliable and efficient energy.