Globeleq buys El Paso stake in Panama’s 300-MW Fortuna

U.S. emerging markets power company Globeleq has completed purchase of power assets totaling 421 MW in Panama and the Dominican Republic from El Paso Corp. of the United States.

The US$88 million deal includes purchase of El Paso’s stake in the 300-MW Fortuna hydroelectric project on Panama’s Chiriqui River. Other power assets include a thermal power plant in Panama and another in the Dominican Republic.

The deal closes a portion of a previously announced sale to Globeleq of El Paso’s Central American assets as part of El Paso’s debt reduction program. The purchase of additional assets is expected to close later in 2006, Globeleq said April 17.

Globeleq owns and operates hydroelectric and thermal generation throughout the Americas, including Compania de Energia Electrica (COBEE), also known as Bolivian Power Co. One of the largest generators in Bolivia, COBEE has 204 MW of generation, including 186 MW of hydropower.

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