Description

The project entails the development, ownership and operation of a 96MW heavy fuel oil power plant (the “Project”) to be located in La Chorrera near Panama City, Panama. On July 20, 1998, Empresa de Transmisión Eléctrica S.A. (“ETESA”), the government transmission company issued a request for proposals for the supply of 60MW of firm capacity and associated energy under a five-year Power Purchase Agreement (“PPA”) on behalf of Empresa de Distribución Eléctrica Metro-Oeste (“EDEMET”). EDEMET is the privatized distribution company serving Panama City (recently acquired by Unión Fenosa of Spain).