Advised Celsia on selling generation assets in Central America to EnfraGen

Celsia, through its companies in Central America, reached an agreement with Fontus Spain (a subsidiary of EnfraGen) for the sale of some of its generation assets in Panama and Costa Rica, such as:

• Dos Mares hydroelectric complex in Chiriquí (Panama), with a capacity of 118 MW.
• Solar farms: Divisa (9.8 MW) and Celsolar (9.7 MW) in Chiriquí (Panama).
• The Guanacaste Wind Power Plant (Costa Rica) with a capacity of 50 MW.

With the proceeds from the sale of these assets, Celsia, Grupo Argos’ energy company, will continue to deploy its strategy focused on renewable energies, especially solar and wind, in its different geographies and will seek opportunities to strengthen its asset management and energy efficiency portfolio in Panama and other countries in the region. The transaction, valued at $194 million, should close u process should take about three months.

BLP assisted its client in all legal aspects related to the sale process of certain generation assets in Costa Rica. The advice included the review and structuring of the transaction under Costa Rican law, as well as the review of the Share Purchase Agreement and ancillary documents. The agreement was signed on May 5, 2023; however, the transaction is still pending closing.

The BLP team in this transaction was led by partners Luis M. Castro and Julio Castellanos, together with Adriana Acuña, Vittoria Di Gioacchino, Diego Quirós, Tatiana Chacón, and Alejandro Coto.