Natural Gas Power Plant Built in Panama with USD 1 Billion Investment

Compartir
Compartir articulo

An international energy group began on Tuesday in Panama construction of a power plant that will operate on natural gas, with an investment of $1 billion, said President Laurentino Cortizo, who celebrated a “strategic” investment.

“It represents an economic injection to our country, and it is strategic for the future of our energy matrix. An investment of 1 billion dollars, which will generate more than 3,000 direct jobs and thousands of indirect jobs,” said the ruler, who participated in the ceremony to start the work.

The Gatún generator is built on Telfers Island, in the province of Colón, Panamanian Caribbean, and will be able to produce 670 megawatts. It should be operational in early 2024.

The project is being managed by the Gas Panama Energy Group, made up of the London-based firm InterEnergy Group, with 51% of the stake, and the US subsidiary AES Panama, with 49%. Both firms are already operating in the country in the field of electricity generation.

“The Gatún Generating Plant will contribute to stabilizing the electricity tariff, allowing in the future, to reduce the cost significantly,” Cortizo said.

The new project will replace the thermal plants that have already been removed from the Panamanian electricity system, in the plan to move towards a clean and efficient energy matrix, to meet the carbon neutral goal by 2050, the government explained.

In 2020, 75% of electricity generation in Panama came from a renewable source, mainly hydroelectric, according to data from the Latin American Energy Organization, made up of 27 countries in the region.

bur-mav/rsr