The AES Corporation (NYSE: AES) today announced the acquisition of a 49.9% stake in AES Colón from Inversiones Bahia, Ltd., increasing its ownership to 100% of AES Colón.
AES Colón is comprised of a 381 MW liquid natural gas (LNG)-fired power plant and an 180,000 cubic meter LNG storage and regasification facility. The project came on-line in 2018 and 100% of the output from the generation facility is contracted through 2028.
"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.
"We are glad to continue executing on our LNG strategy in Central America and the Caribbean. This acquisition will position AES to incorporate new strategic partners into these LNG assets and continue unlocking the portfolio's value," said Gustavo Pimenta, AES Executive Vice President and Chief Financial Officer.
The AES Corporation (NYSE: AES) is a Fortune 500 global energy company accelerating the future of energy. Together with our many stakeholders, we're improving lives by delivering the greener, smarter energy solutions the world needs. Our diverse workforce is committed to continuous innovation and operational excellence, while partnering with our customers on their strategic energy transitions and continuing to meet their energy needs today. For more information, visit www.aes.com.
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This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, those related to future earnings, growth and financial and operating performance. Forward-looking statements are not intended to be a guarantee of future results, but instead constitute AES' current expectations based on reasonable assumptions. Forecasted financial information is based on certain material assumptions. These assumptions include, but are not limited to, our expectations regarding the COVID-19 pandemic, accurate projections of future interest rates, commodity price and foreign currency pricing, continued normal levels of operating performance and electricity volume at our distribution companies and operational performance at our generation businesses consistent with historical levels, as well as the execution of PPAs, conversion of our backlog and growth investments at normalized investment levels and rates of return consistent with prior experience.
Actual results could differ materially from those projected in our forward-looking statements due to risks, uncertainties and other factors. Important factors that could affect actual results are discussed in AES' filings with the Securities and Exchange Commission (the "SEC"), including, but not limited to, the risks discussed under Item 1A: "Risk Factors" and Item 7: "Management's Discussion & Analysis" in AES' 2020 Annual Report on Form 10-K and in subsequent reports filed with the SEC. Readers are encouraged to read AES' filings to learn more about the risk factors associated with AES' business. AES undertakes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
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