The key question for Panama now is: who are the new partners and what assets does AES have in the country? The new controlling shareholder will be a consortium led by Global Infrastructure Partners (GIP), part of BlackRock, and the EQT Infrastructure VI fund. In IGANA – CONOI, the composition is 51.0 percent AES Corp. and 49.0 percent AES Panamá. In Generadora de Gatún / GEGP, 51.0 percent belongs to Interenergy and 49.0 percent to AES Panamá. That 49.1 percent stake will pass to the new consortium. In AES Changuinola, 80.0 percent corresponds to AES Corp. and 20.0 percent to AES Panamá. EQT, for its part, is a global investment organization with 270 billion euros in total assets under management as of December 31, 2025, divided into Private Capital and Real Assets, with a presence in Europe, Asia Pacific, and the Americas. With the acquisition of AES Corp., the consortium becomes an indirect partner of the Panamanian state in several local electricity sector companies due to the existing shareholding structure. In AES Panamá, the Panamanian state maintains a 50.5 percent stake, while 49.1 percent belongs to AES Corp. and 0.4 percent to minority partners. In Group Energy Gas Panamá partners, the stake is distributed as 24.0 percent AES Corp., 24.7 percent Panamanian state, and 0.2 percent minority partners. The structure shows that the Panamanian state is a direct partner in AES Panamá and Group Energy Gas Panamá, and an indirect partner in other generators through AES Panamá. With the closing of the transaction, expected for the end of 2026 or early 2027, the consortium led by GIP and EQT will take control of the stake that AES Corp. currently holds in these societies, thus becoming a new partner of the Panamanian state in part of the country's electricity generation system.
