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The AES Corporation recently announced that its subsidiary, Gas Natural Atlantico S. de R.L., has won a competitive bid process conducted by the Electric Transmission Company, SA (ETESA), the state’s electric transmission company, to supply 350MW of new capacity. AES expects to sign the 10-year PPA by the end of 2015.
The project will include the construction of a 350MW combined cycle natural gas-fired plant with a 10-year Power Purchase Agreement (PPA), and a 170,000 m3 LNG storage tank and regasification facility. This will supply gas to the plant, and serve the growing demand for natural gas in Central America.
Construction of the project is expected to begin in early 2016, with commercial operations expected in 2018. The total project cost is expected to be in the range of $800 to $900 million, which will be financed with a combination of non-recourse debt, equity from partners and AES equity of up to $210 million.
The project is subject to customary regulatory approvals including, but not limited to, an environmental impact assessment study and a definitive generation license. These approvals and financial close are expected before commencement of construction.