South Korean firm POSCO E&C has secured a $650m EPC turn-key contract from Gas Natural Atlantico and Costa Norte LNG Terminal for the Colon combined cycle power plant and LNG terminal project in Panama.
The project will be built in Colon Province, 60km from Panama City.
Upon completion, the 380MW power plant is due to be the largest combined cycle power plant in the country.
The electricity generated by the facility is expected to power about 15m homes, offering a stable supply to the industrial complex near the Panama Canal and Colon area.
The new terminal will have a capacity of 180,000 cubic metres.
POSCO E&C senior executive vice president Kun Soo Oh said: "POSCO E&C was consecutively awarded two projects since December 2015 [by AES], in the Philippines and Chile. These awards have helped POSCO E&C to increase its competitiveness in overseas power plant markets."