AES Closes Previously Announced & New Minority Sell-Downs of LNG Businesses

Source: www.gulfoilandgas.com 12/21/2023, Location: South America

The AES Corporation has closed minority sell-downs of its businesses in the Dominican Republic and its AES Colón business in Panama for proceeds of $338 million. This includes the transactions announced in September for proceeds of $179 million after purchase price adjustments at closing, as well as sell-downs of additional stakes in the businesses through the expansion of existing partnerships with Grupo Estrella and Grupo Popular's subsidiary, AFI Popular, through one of its closed-end funds, for $159 million. In total, AES sold 20% of its businesses in the Dominican Republic and 35% of AES Colón in Panama.

"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," said Stephen Coughlin, AES Executive Vice Present and Chief Financial Officer. "These transactions include the closing of the two previously announced sell-downs, as well as the sale of an additional 10% in the Dominican Republic and an additional 15% of AES Colón in Panama."

The transactions closed today include the sale of 20% of AES' businesses in the Dominican Republic to the following parties:
10% to Grupo Popular's subsidiary, AFI Popular, through one of its closed-end funds;
5% to Grupo Linda; and
5% to Grupo Estrella

Today's closed transactions also include the sale of 35% of AES Colón in Panama to the following parties:
20% to Grupo Linda; and
15% 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 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% in each business.

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 and sold down its stake in Fluence from 33% to 29%, effectively monetizing 12% of its stake, for proceeds of $160 million.


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