NEW YORK, Jan. 11, 2022 /PRNewswire/ -- Global
Infrastructure Partners (GIP), together with its co-investors,
today announced that it has made a Senior Secured Term Loan
investment of $175 million in Group
Energy Gas Panama S de RL (Borrower), to finance the acquisition
and construction of Generadora de Gatun (Gatun), the owner of a 670
MW natural gas cogeneration power plant to be constructed in Colon,
Panama. Once constructed, Gatun is
expected to be the largest and most efficient Combined Cycle Gas
Turbine (CCGT) power plant in the country. Gatun is designed to
improve electric reliability by diversifying electricity sources
for the nation's power grid.
GIP is making the investment through Global Infrastructure
Partners Capital Solutions Fund II (GIP CAPS II), part of GIP's
Credit platform (GIP Credit). The investment in Gatun represents
the third commitment made by GIP CAPS II. The CAPS strategy
provides customized credit financings for infrastructure issuers in
GIP's core sectors of midstream energy, power, renewables, energy
transition, digital, transportation and water/waste, while
leveraging GIP's significant operating expertise.
Group Energy Gas Panama S de RL, is a newly formed joint venture
between InterEnergy and The AES Corporation, two of the largest
private investors in the Panamanian power and energy market.
Proceeds from the investment, in conjunction with proceeds from
senior debt at the Gatun level and equity contributed by the
sponsors, will be used to fund over $1.0
billion of estimated acquisition and construction costs of
the project.
InterEnergy has been developing power projects in the
Caribbean and Latin America for over 30 years and is the
third largest power generation company in Panama. The AES Corporation has been in
Panama since 1999 and currently
owns and operates over 1,100 MW through three subsidiaries, AES
Panamá, AES Changuinola and AES Colon.
Steve Cheng, Credit Partner at
GIP, said: "We are very pleased to have entered into this
transaction with Gatun and its highly experienced sponsors, AES
Panama and InterEnergy. The Gatun power plant is well positioned to
meet growing industrial power demand in Panama and is expected to play a key role
providing stability to Panama's
electric grid considering the significant renewable generation
sources already in place. The transaction is in line with GIP
Credit's strategy of investing in critical infrastructure with
strong sponsorship."
About Global Infrastructure Partners
Global
Infrastructure Partners (GIP) is an independent infrastructure fund
manager that makes equity and debt investments in infrastructure
assets and businesses. GIP targets investments in the energy,
transport, digital infrastructure, and water/waste sectors in both
OECD and select emerging market countries. GIP's teams are located
in 10 offices: London,
New York, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong
Kong. GIP Credit provides financing solutions and makes debt
and non-common equity investments in infrastructure assets and
companies. For more information, visit
www.global-infra.com.
About InterEnergy Group
InterEnergy Group is one of
the largest diversified clean energy companies in Latin America and the Caribbean. The Group operates electric power
generation plants in Latin America
and the Caribbean, specifically in
the Dominican Republic,
Panama, Jamaica, Chile and Uruguay. For more information, please visit:
www.interenergy.com
About The AES Corporation in Panama
AES in Panama owns and operates 1,161 MW, product of
the sustained investments over USD 2,700
million since 1999, achieving its commitment of developing
greener, smarter energy solutions the world needs.
Media
Contacts
Media Inquiries
Team
mediainquiries@global-infra.com
+1.646.282.1545
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+1.914.364.8024
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SOURCE Global Infrastructure Partners