The banking, finance, and capital markets team of Alcogal advised AES Panama, S.R.L., the largest electricity generation company in Panama in terms of installed capacity and average energy dispatched, as well as the largest privately controlled hydro generation company in Central America as issuer.
On June 18, 2015 AES Panama, S.R.L. placed USD$300 million in bonds with a 6% coupon, maturing in 2022. The bond was priced at 100% to yield 6%.
Banco General and Deutsche Bank arranged the deal.
Proceeds funded a cash tender for US$300 million in outstanding 6.35% 2016s.
The 144A/Reg S issuance was registered with the Superintendence of Capital Markets and listed in the Panama Stock Exchange.
Infrastructure Law Firm in Panama
Alcogal’s team for this transaction was led by partner Arturo Gerbaud, associate Rafael Marquinez and international associate Rita de la Guardia.
Alcogal’s infrastructure lawyers in Panama represent industry leaders and world-renowned companies, including both owners and builders, in all types of construction and infrastructure-development projects.
As infrastructure law firm in Panama, Alcogal advise international and domestic private clients in all aspects of this field, including: tendering and public procurement, joint venture and corporate structures, and contract law (including advise under FIDIC contract forms).
AES in Panama
AES is the largest electricity generation company in Panama:
- 340 people work at AES in Panama.
- AES generates 24% of the energy the country needs.
- AES has an installed capacity of 777 MW.
Since 1998, AES Panama has invested more than US$1,400 million to strengthen the country’s energy matrix.
The AES Colon project includes the first liquefied natural gas fired power plant in Panama and the Central American region, which represents an investment of US$1.1 billion. Through this transaction, AES reaffirmed their commitment to support Panama´s growth and development.
With a total installed capacity of 777 MW, AES in Panama contributes to reducing the dependence on fossil fuel based generation.
Currently, AES operates and manages the Bayano hydroelectric plant in the province of Panama, the Chiriquí Hydroelectric Complex comprised by Estí, Los Valles and La Estrella, and the hydroelectric plant Changuinola I.
In addition, AES maintains operations of Estrella del Mar I power barge located in Colon province.
Since operations began in 1999, AES Panama has contributed to Panama’s economic growth through safe, reliable and sustainable energy solutions.
Along with the creation of jobs, AES has a commitment to the communities, the and the development of new projects.
For more information about us as infrastructure law firm in Panama, contact us.