AES has announced a strategic partnership with the Estrella-Linda Group that will help it to fund investment in its assets in the Dominican Republic.
The international power company has sold an eight per cent interest in its Dominican Republic business to Estrella-Linda for $96 million. The transaction values AES Dominicana at $1.2 billion.
"We believe that Estrella-Linda represents a strong local player and will support our planned expansions, such as upgrading our DPP power plant," said Andrés Gluski, AES President and CEO.
Estrella-Linda is a consortium of two leading Dominican industrial groups: Estrella and Grupo Linda. The two partners manage diverse businesses, including construction services, cement, agribusiness, metalwork, plastics, textiles, paints, transportation, insurance and media.
AES' Dominican Republic business consists of an LNG import terminal, a 319 MW combined-cycle gas-fired plant (Andres), a 236 MW open cycle gas-fired plant with potential expansion of the capacity to 358 MW in combined-cycle mode (DPP), and 50 per cent ownership of a 295 MW coal-fired plant (Itabo).
AES first entered the Dominican Republic in 1997.
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