President Martinelli with Andrew Vesey, COO of AES Corporation, opened the largest hydroelectric plant built in the last 30 years.
Changuinola I to contribute 15% of the country's annual energy demand
With an investment of over 4.63 billion and installed capacity of 223 MW which will generate about 1.046 GWh, Panama AES has opened the Changuinola I Hydroelectric station located in Bocas del Toro, the most important power generation project in the last 30 years in Panama and Central America. The hydroelectric complex will provide 15% of the country’s annual energy demand, offering the most competitive prices.
During a technical visit as part of the opening of the Changuinola I Hydroelectric Plant, the President of the Republic, Ricardo Martinelli and his team, accompanied by Executive Vice President and Chief Operating Officer of Global Utilities Group of AES Corporation Andrew Vesey and Vice President for Central America and the Caribbean AES, Marco De la Rosa, performed the connection with the National Dispatch Center, ETESA, to coordinate the linking of the generating units to the Central System for National Interconnection.
In late 2005, AES began developing the Changuinola hydro power project and currently the project is in the phase of building the roadways to access that facility. The formal cornerstone laying ceremony took place on October 25, 2007.
The project's total completion represents an investment of approximately $563 million and the estimated date for the Changuinola hydro power plant to go into commercial operation is the first quarter of 2011. Through this new facility, AES contributes to the country's development and helps face the growing demand of energy in Panama, which requires an additional 50 MW each year.
The construction of the new Changuinola I Hydro Power Plant:
* is an asset to Panama
* will generate clean and 100% Panamanian energy
* will create opportunities for previously excluded populations
* will contribute to solve the country's energy situation
* will help Panama to continue growing
The construction and operation of the hydro power plant will be under the responsibility of AES, a multinational energy corporation with world-class standards and an active presence in Panama.
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