Celsia sells production assets in Panama and Costa Rica to EnfraGen

Celsia is selling power generation assets in Panama and Costa Rica to Fontus Spain for $194 million to further its renewable energy strategy. EnfraGen, the buyer of the assets, will continue to expand its energy and infrastructure projects around the world.

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Celsia, the energy company of Grupo Argos, recently reached an agreement with Fontus Spain, a subsidiary of EnfraGen, for the sale of some of its power generation assets in Panama and Costa Rica.

Celsia sells its hydroelectric assets to focus on renewable energy in Panama

This agreement includes the sale of the 118 MW Dos Mares hydroelectric complex in Chiriquí, two solar farms and the 50 MW Guanacaste wind power plant. The value of the transaction is US$194 million and the closing process is expected to take approximately three months.

With the proceeds from the sale, Celsia plans to pursue its strategy focused on renewable energy, particularly solar and wind power, and will seek opportunities to strengthen its asset management and energy efficiency portfolio in Panama and other countries in the region. The sale will also reduce consolidated debt by US$198 million, which is the debt of these businesses.

EnfraGen strengthens its energy portfolio by acquiring assets from Celsia

Celsia executive Ricardo Sierra said the sale of these assets will improve the company’s financial flexibility and, in doing so, its profitability indicators will improve significantly. He added that this healthy rotation will allow the company to develop a different approach to geographic diversification, seeking the development of “greenfield” projects.

EnfraGen, the buyer of these assets, is a privately held company that operates energy and infrastructure projects around the world. In January 2023, it acquired a portfolio of small hydroelectric plants in Chile totaling 13.6 MW from Invercap SA. This portfolio consists of four natural flow facilities in southern Chile.

Thus, the agreement between Celsia and Fontus Spain is an important step towards the development of renewable energy in the region, especially solar and wind energy. With the sale of its power generation assets, Celsia will be able to improve its financial flexibility and profitability, while EnfraGen continues to expand its energy and infrastructure projects around the world.

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