2024-01-28 11:47:00
Naturgy building on Avenida de América (Madrid).RAFA MARTIN
Naturgy will invest a total of 630 million dollars (about 580 million euros) in Panama over the next four years to improve the country’s electricity distribution network.
Specifically, these funds will be allocated to quality projects and maintenance of the existing network, including the development of new circuits and substations, reported the Spanish company’s subsidiary in the country.
The energy company has been present in Panama since 1998 – when it landed as the former Unión Fenosa -, where it operates in the electricity distribution market through the company Distribuidora Eléctrica de Metro-Oeste (Edemet) and the Distribuidora Eléctrica de Chiriquí (Edechi ), as well as in the electricity generation market and Naturgy Services, its range of non-regulated products and services.
Likewise, the group’s Panamanian distributors distribute electricity to more than 750,000 customers in the areas of Central, Western, Interior and Chiriquí Panama.
Since landing in the Central American country, Naturgy has invested more than 1.5 billion dollars (about 1.38 billion euros) in Panama. In addition, the company has a 100% renewable energy generation portfolio, contributing significantly to the reduction of the carbon footprint globally, in line with Panama’s Sustainable Development objectives for 2030. Also with its reforestation program it has planted more than 130,000 trees, underlining its commitment to the conservation of biodiversity and the protection of ecosystems.
In electricity, Naturgy’s gross operating result (ebitda) in Panama amounted to 76 million euros in the first half of last year, 11.8% more than in the same period of the previous year.
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