The construction of the energy generation plant using natural gas by AES Colon will be financed with a syndicated loan from the CABEI, Banistmo, Bancolombia and other banks.
Those involved in the syndicated loan are Banistmo, Bancolombia, the Central American Economic Integration Banco General and Global Bank, reports Capital.com.pa. The plant, which will have the capacity to generate up to 381 MW of energy from natural gas, was announced in 2015 by the company AES Colon, who was awarded the contract to supply 350 MW of power.
With the purchase of another 20% stake, Bancolombia Group now holds 60% of the shares of the Group Agromercantil de Guatemala.
Two years after the acquisition of a 40% stake of Argomercantil Holding Group, Grupo Bancolombia has decided to consolidate its presence in the country by acquiring a further 20%. The Colombian company said the acquisition is part of a consolidation strategy in Guatemala and Central America.
Since 2007 Colombian bankers have made progress in the region, led by Bancolombia with $3,216 million and Grupo Aval with $2.821 million.
For example, in Panama they have operations with "... large international banks because it is considered a tax haven, where it is possible to make investments and transactions swiftly and without a lot of questions being asked by local controlling entities," noted an article in portafolio.co.
To remain globally competitive, the industry must invest in staff training and specialization.
The forum "Invest in Panama" brought together multinationals, politicians, local entrepreneurs and executives from companies interested in coming to Panama or strengthening their presence in the country. Those present agreed on the need for good progress in local infrastructure, but insisted on the urgent need to invest in staff training and specialization.
HSBC Latin America Holdings Limited, a wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA for a total consideration of US$2.1bn in cash.
HSBC Latin America Holdings (UK) Limited, a wholly owned subsidiary of HSBC Holdings plc (“HSBC”), has entered into an agreement to sell HSBC Bank (Panama) SA to Bancolombia SA (“Bancolombia”) for a total consideration of US$2.1bn in cash, based upon estimated net asset value at completion of US$700m. The transaction is subject to regulatory approvals and other conditions and is expected to complete by the third quarter of 2013.
In the past two years, over $2 billion worth of financing for large enterprises in Guatemala has been provided by large Colombian banks.
The main participant is Bancolombia, which in 2010 and 2011 was involved in syndicated loans for over $1 billion, including the acquisition of Deorsa and Deocsa by Britain's Actis, the extension of Ingenio Magdalena and financing for Cementos Progreso and Cabcorp.
The Colombian banking group is planning to open a local banking unit in Panama in order to benefit from the country's economic growth.
Bancolombia's CFO told the Wall Street Journal that it hopes to satisfy the growing demand for credit to finance Panama's infrastructure projects.
An article on emii.com comments that, "the new Panamanian branch will finance local individuals and companies in the country. Presently, the Colombian bank is operating an offshore bank in Panama, which offers services for foreigners".
Jaguar Energy, from AEI, began construction of a 700 million solid fuel fired power generation facility near Port Quetzal.
The President of Guatemala, Alvaro Colom, along with cabinet ministers and representatives from AEI and the private sector, led a groundbreaking ceremony today to inaugurate the construction of Jaguar Energy Guatemala LLC's new 300 MW solid fuel fired power generation facility. The ceremony was held this morning at the power plant's site near Puerto Quetzal, Guatemala. The project's total investment is expected to be above US $700 million with commercial operations of the power plant scheduled for 2013.
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