AES Panama may be interested in taking on the hydroelectric construction project, which until January of this year was granted in concession to Odebrecht.
While the government is evaluating the way forward for the project, which remained unfinished after the concession to OdebrechtEnergy Luxembourg was withdrawn in January, AES Panama, which currently operates five hydroelectric stations in the country, may have shown interest in assuming responsibility for the project."...In fact, AES Changuinola is currently in charge "... of the operation and administration of the Changuinola I hydroelectric plant in Bocas del Toro."
Moody's estimates lower economic growth in Panama in the short term, due to the potential negative impact of the delay in investments and the possible cancellation of large projects awarded to the Brazilian construction company.
Although the controversial Brazilian company, accused of having developed a worldwide corruption network, had interests in several Latin American countries, it was in Panama that a large number of its projects were concentrated, ranging from the urban renewal of Colón, currently under development and with a estimated value of $500 million, to the contract to build the hydroelectric station Chan II, estimated at $1 billion and recently canceled by the Varela administration.
Empresa de Generación Eléctrica will now be responsible for the concession, while the Varela administration evaluates how and when to re-tender the project.
From a statement issued by the Presidency of Panama:
While options are being evaluated to terminate the contract with Odebrecht to build the CA-2 Occidente road, the government will be putting out to tender maintenance of the sections that were left unfinished.
The Ministry of Communications, Infrastructure and Housing will first make a "visual inspection" to determine the actual state of the road, both the sections which have been completed but damaged and sections that have not yet been completed.
The administrators of the Panamanian airport are evaluating three options to continue the construction of the new terminal, if Odebrecht fails to complete it.
The Brazilian construction firm will not be able to participate in future tender processes and must withdraw from the contests for the fourth bridge over the Canal and the Metro line 3, but will probably continue with projects which are already under construction.
The government has announced that the Brazilian company will not be able to take part in future processes, but in respect to the works it is currently operating, such as the construction of Line 2 of the Metro and the urban renewal in Colón, President Varela said"... ' we must protect the country's economy."
Fitch Ratings has downgraded Brazilian construction firm from B- to CC, arguing that the revelations about bribes "have exacerbated its reputational risk".
From a press release by Fitch Ratings:
Fitch Ratings-Sao Paulo-17 January 2017: This is a correction of a release published Jan. 17, 2017. It corrects the rating for the USD800 million senior unsecured notes due 2023.
For the construction of the Higher Technical Institute of the East (ITSE by its initials in Spanish) the consortium CCA bid $176 million, consortium ITSE bid $181 million, Infrastructure Acciona $189 million, and FCC-ITSE Consortium $190 million.
In the separate assessment of the technical and economic proposals, CCA scored 983 points, followed by ITSE Consortium (971.32), Acciona Infrastructures (946.10) and FCC-ITSE (922.34 points).
Confirmation of the decline in the financial capacity of the construction company has strengthened arguments by those calling for the revision of their contracts and that the firm not be awarded others.
The Attorney General has requested investigating whether there were cost overruns in the works in the country awarded to the construction firm which is accused of corruption by the Brazilian justice system.
The Attorney General's Office has asked the Comptroller General of the Republic of Panama for an audit of the prime contractor for the Panamanian government, Odebrecht, in order to know "in detail" about the contracts awarded to the Brazilian construction firm, where the works amount to $9, billion, reported Prensa.com . The prosecutor Rigoberto Gonzalez intends to audit both the works already delivered and those which are still running.
Metro de Panama, SA informs that the Public Procurement Department has received a claim filed by the consortium Panametro, and ordered a suspension measure on the act to award a best value tender with separate evaluation for: the "Line 2 Metro de Panama ", pending the grievance process, brought on Tuesday 19 May.
The contract for the construction of the dam was approved by the Comptroller General of the Republic of Panama and is expected to begin before March.
The Minister of Economy and Finance, Dulcidio De La Guardia, told Laestrella.com.pa that "... The Chan II hydroelectric project has now been endorsed by the Comptroller General of the Republic of Panama and will be started this summer .... 'We've been sitting down with the company that won the tender, Odebrecht, in order to make some modifications to the contract so that the conditions are more beneficial to the Panamanian people. '"
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