Sinolam, Panamanian companies with projects in the liquefied natural gas (LNG) and power generation sector, has provided its take on the acquisition of AES Corporation by a consortium led by Global Infrastructure Partners, part of BlackRock, viewing it through the lens of opportunity, as BlackRock’s bid for AES could open a new scenario for the firm’s multibillion-dollar lawsuit by bolstering the sued player’s financial standing.
Sinolam LNG Terminal and Sinolam Smarter Energy LNG Power Co., which are energy infrastructure developers focused on LNG-to-power solutions in emerging markets, have welcomed the $33.4 billion AES acquisition by the BlackRock-led consortium as a pivotal moment for the company, coinciding with the lawsuit the duo filed on December 19, 2025, in the Circuit Court for Arlington County, Virginia.
The legal action, which also names InterEnergy Holdings (UK) and relates to practices that affected the Panamanian companies’ participation in Panama’s LNG-to-power market, seeks more than $4 billion in damages. Sinolam alleges it lawfully secured regulatory approvals, power purchase agreements, and long-term customer commitments to develop a major LNG-fired power plant and a corresponding LNG terminal in Colón, Panama.
These projects were designed to capitalize on the country’s emergence as the LNG hub for Central America following the expansion of the Panama Canal. The complaint asserts AES, headquartered in Virginia, viewed Sinolam as a threat to be eliminated from the Panamanian market and after the firm declined pressure to abandon its terminal project or submit to “commercially unreasonable terms” that would have made it dependent on the other player’s LNG infrastructure, the U.S. company shifted from negotiation to exclusion.
According to the complaint, senior AES executives directed critical strategy from its global corporate headquarters in Virginia, including efforts to delay Sinolam’s permits, undermine its government approvals, and ultimately block the projects. The Panama-based company expressed confidence in the strength of its claims and in the legal process moving forward, as the BlackRock-led acquisition could strengthen AES financing in the context of any future resolution of the litigation.Commenting on the lawsuit, Kenneth Zhang, Sinolam’s CEO, previously elaborated: “This case is about protecting competition and the rule of law. Sinolam invested hundreds of millions of dollars, followed every legal requirement, and played by the rules.
“What we allege is a coordinated effort by powerful incumbents—backed by their cronies and government partners to shut down a competitor rather than compete on the merits, with the victims including not only Sinolam but the people of Panama and other countries who are now paying higher energy prices, and LNG suppliers in the United States and elsewhere, because AES and its partners, along with the assistance or authorization of the Panamanian government, want to control the market.”
Recently, a law firm representing shareholders announced an investigation related to the transaction, with the probe revolving around whether AES and its board of directors violated the federal securities laws and/or breached their fiduciary duties by failing to obtain the best possible price for the firm’s shareholders; conduct a fair sales process free of any conflicts of interests; and disclose all material information for the company’s shareholders to evaluate the transaction.
Under the agreement with the consortium, AES shareholders will receive $15.00 per share in cash, representing a total equity value of $10.7 billion. If completed, the transaction, which is expected to close between late 2026 and early 2027, would result in the firm delisting from the public markets and transitioning to a privately held structure backed by large institutional investors.Sinolam underlined: “The key question keeping the market on edge is how much of the decline in AES’s share value reflects the threat posed by the lawsuits and what impact the Sinolam case may have on investor perceptions and future projects in Latin America.