September 30, 2008

GDF Suez Subsidiary to Build 115MW Hydro Project in Panama

French power and natural gas utility GDF Suez has announced that its subsidiary will start the construction of a 115MW run-of-the river hydro project in Panama following an auction.

As a result of the auction, 100MW capacity has been sold to distribution companies for a period of 10 years, between 2013 and 2022. GDF Suez will provide 6,000GWh for the length of this period.

The hydro power plant will consist of three units to be built in sequence down the Chiriqui River in Panama.

The hydro development enlarges the group's local offer of energy sources. It will lead to more stable energy prices, reducing the dependency on fluctuating fuel prices which in the end will be beneficial for the end-consumer in Panama.