AES Corp. announces minority sell-downs of LNG businesses in Panama, D.R.

The AES Corporation announced that it has agreed to minority sell-downs of its businesses in the Dominican Republic and Panama, as an expansion of its existing strategic partnership with Grupo Linda and a new partnership with Grupo Popular’s subsidiary, AFI Popular, through one of its closed end funds. The sell-down agreements will provide collective proceeds of $190M to AES, putting the company on track to achieve its asset sale proceeds target for the year. As a result, AES has secured all external funding included in its 2023 capital plan, which is comprised of the proceeds from these sell-down agreements, plus those from other transactions announced earlier this year, such as the Warrior Run Power Purchase Agreement termination, and the issuance of $900M of senior notes in May, priced at 5.450%. The agreements announced include the sale of 10% of AES’ business in the Dominican Republic to Grupo Linda and Grupo Popular’s subsidiary, AFI Popular. 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, as well as an additional 150 MW of solar and wind power plants. The announcement includes the sale of 20% of AES Colon in Panama, also to Grupo Linda. AES Colon includes a 381 MW combined cycle gas turbine with an adjacent regasification facility that has a 180,000 m3 LNG capacity storage tank.