AES sells portion of its businesses in Dominican Republic, Panama
AES Corp. has closed minority sell-downs of its businesses in the Dominican Republic and its AES Colón business in Panama for a total of $338 million.
“We are very pleased to announce the closing of these transactions and to continue the great progress on our expanded and accelerated asset sale proceeds target,” Stephen Coughlin, AES executive vice present and chief financial officer, said. “These transactions include the closing of the two previously announced sell-downs, as well as the sale of an additional 10 percent in the Dominican Republic and an additional 15 percent of AES Colón in Panama.”
In total, AES sold 20 percent of its businesses in the Dominican Republic and 35 percent of AES Colón in Panama. Specifically, the transactions include the sale of 20 percent of AES’ businesses in the Dominican Republic to the following parties: 10 percent to Grupo Popular’s subsidiary, AFI Popular, through one of its closed-end funds; 5 percent to Grupo Linda; and 5 percent to Grupo Estrella
Further, the closed transactions also include the sale of 35 percent of AES Colón in Panama to the following parties: 20 percent to Grupo Linda; and 15 percent to Grupo Estrella.
AES’ businesses in the Dominican Republic include an LNG regasification terminal, with a 160,000 m3 LNG capacity storage tank; the AES Andres 319 MW combined cycle gas turbine plant; DPP 328 MW combined cycle gas turbine plant, as well as an additional 150 MW of solar and wind power plants.
AES Colón businesses includes a 381 MW combined cycle gas turbine plant with an adjacent regasification facility that has a 180,000 m3 LNG capacity storage tank.
AES will continue operating its businesses in the Dominican Republic and Panama, with an ownership interest of 65 percent in each business.
Also, since its third quarter 2023 earnings call in November, AES has also announced the signing of an agreement to sell its Mong Duong 2 coal facility in Vietnam. It also sold down its stake in Fluence from 33 percent to 29 percent, effectively monetizing 12 percent of its stake, for proceeds of $160 million.
