PROJECT

Projects

Summary of Investment Information

Project Number

37456

Company Name

GAS NATURAL ATLANTICO S. DE R.L.

Date SPI Disclosed

Mar 25, 2016

Country

Panama

Region

Latin America and the Caribbean

Projected Board Date

May 26, 2016

Environmental Category

A - Significant

Status

Completed

Last Updated Date

Jun 12, 2021

Department

Regional Industry INF LAC & EUR

Industry

Infrastructure

Previous Events

Approved : Jul 20, 2016
Signed : Jul 21, 2016
Invested : Oct 17, 2016

Sector

Gas - Thermal Power Generation

Project Description

The project (the “Project”) comprises the development, construction, operation and maintenance of an integrated gas to power facility in Panama consisting of: a 380MW net combined cycle gas-fired power plant and an onshore liquefied natural gas (“LNG”) import terminal with an 180,000 m3 storage tank. It also entails the construction of power evacuation facilities to interconnect the generation plant with the existing electricity transmission network.

The Project will be developed under two special purpose vehicles: Gas Natural Atlantico, S. de R.L, as the power plant owner, and Costa Norte LNG Terminal S. de. RL, as the LNG terminal owner. The Project will sell 350MW of capacity and associated energy to 3 distribution companies: EDEMET, ENSA and EDECHI, under 10-year power purchase agreements (PPAs) awarded in September 2015 through a competitive bidding process led by ETESA – the state-owned transmission company. The remaining capacity and energy generated by the Project will be sold on a merchant basis in Panama’s wholesale electricity market.

Sponsor / Cost / Location

Development Impact

E&S Category Rationale / Risks and Mitigation