Glenfarne Energy Transition and Partners Group Joint Venture EnfraGen Announces Agreement to Acquire Six Renewable Operating Assets in Panama and Costa Rica

Portfolio of assets generates a collective 188 MW of solar, wind, and run-of-river hydropower renewable energy

NEW YORK – May 5, 2023: EnfraGen, LLC (“EnfraGen”), a developer, owner, and operator of specialized sustainable and renewable power and grid stability assets in Latin America owned by Glenfarne Energy Transition, LLC (“Glenfarne”), a global energy transition leader providing critical solutions to lower the world’s carbon footprint, and leading global private markets firm Partners Group, on behalf of its clients, today announced they have entered into an agreement to acquire six assets in Panama and Costa Rica with a combined capacity of 188 megawatts (“MW”) of renewable energy from Grupo Argos (symbol: GrupoArgos) subsidiary, Celsia S.A. (symbol: CELSIA), a Colombian electricity company focused on renewable energies and energy efficiency.

Brendan Duval, CEO and Founder of EnfraGen and Glenfarne Energy Transition, LLC, commented, “This acquisition continues to expand EnfraGen’s diversified renewable energy portfolio and progresses our mission to accelerate the energy transition in Latin America and beyond. Continued investment in these high-quality and high-growth markets aligns well with EnfraGen’s objectives.”

The transaction includes the acquisition of EnfraGen’s first wind and Costa Rican asset. The renewable power facilities in the transaction are:

  • Dos Mares Hydro Complex (“DMA”): three run-of-river (“ROR”) downstream hydro plants in Panama totaling 119.0 MW of installed capacity.
  • Prudencia and Divisa (“Solar Plants”): two solar PV plants in Panama totaling 19.7 MW of installed capacity.
  • Guanacaste Wind Farm (“PEG”): one wind installation located in Costa Rica totaling 49.5 MW of installed capacity.

Ed Diffendal, Managing Director and Co-Head of Private Infrastructure Americas at Partners Group, commented, “The acquisition of these renewable energy assets should positively impact EnfraGen’s financial performance and geographically diversify its portfolio. EnfraGen is growing in a sustainable manner that is helping the global energy transition, which reflects Partners Group’s commitment to investing in next-generation infrastructure platforms.”

“Panama has always been an attractive market for potential expansion by EnfraGen strategically driven by its well-run U.S. dollar-based economy and our five years of positive and successful operations with our existing run-of-river hydro assets in the country,” said Bryan Murphy, President and General Counsel of EnfraGen. “Panama’s power market is properly regulated, runs efficiently, and has embraced the energy transition, which are three important items that we consider when growing EnfraGen.”

Upon closing of the transaction, EnfraGen’s operational and in-construction assets will total over 2.1 GW of capacity across Chile, Panama, Colombia, and Costa Rica with corporate offices located in Houston and New York in the United States. EnfraGen most recently acquired four run-of-river hydropower assets in southern Chile, totaling 13.6 MW.

Paul Hastings LLP, SIGMA Law Firm in Panama, and Dentons Muñoz in Costa Rica acted as legal advisors for EnfraGen.

About EnfraGen, LLC
EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin America. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.

EnfraGen is jointly controlled by Glenfarne Energy Transition, LLC, and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 2.1 GW of installed capacity upon completion of its most recent acquisition. The company, including its affiliates and subsidiaries, is supported by a team of nearly 400 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States. For more information, please visit www.EnfraGen.com.

About Glenfarne Energy Transition
Glenfarne Energy Transition is a wholly owned subsidiary of Glenfarne Group, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.GlenfarneEnergyTransition.com.

About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 195 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate superior returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With over USD 135 billion in assets under management as of 31 December 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,800 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.

Contact
Kris Cole
Pro-glenfarne@prosek.com
(310) 652-1411