Notarc Acquires the Panama Canal Container Port Terminal and Will Resume Construction of the $1.4 Billion Project
Notarc Management Group (NMG), a LatAm-focused private investment and asset management firm, which last year launched its Panama Development Fund (PDF) and has led significant investments across the Caribbean and Latin America over several decades, has announced the acquisition and finalization of plans for the completion of the Panama Canal Container Port (PCCP), a $1.4 billion modern port facility. The project is already forty percent (40%) completed and is slated to resume construction by the fourth quarter of 2022. NMG is partnering with Terminal Investment Limited (TIL), an affiliate of Mediterranean Shipping Company (MSC), today the largest shipping line in the world, and will also undertake management and oversee operations of the modernized transshipment facility that is expected to handle 2.5 million TEUs in its initial years and grow to a capacity of 5 million TEUs.
“Notarc Management Group’s core mission is to align with strategic capital partners, investors, and leading multinational firms in supporting and expanding innovation, technology, infrastructure, and sustainable initiatives across Latin America and the Caribbean. This is our first major port initiative in Panama and sets the stage for other key investment opportunities we are pursuing across the region,” noted Leslie C. Bethel, CEO Notarc Management Group, during meetings held on the sidelines of the Bloomberg New Economy Conference together with its key investment partners and Panamanian officials at the PCCP development site in the Republic of Panama.
“We are delighted to be here for this special occasion and to commit to the partnership with Notarc, the Panamanian Government and, most importantly, the people of Panama. We are no strangers to Panama and our undertakings today cement our further belief that The Americas will continue to grow and prosper through the advent of trade and logistics. The pandemic has evidenced that our business is essential. Our Shareholders are committed to this industry for the long term. We are also grateful to Notarc for allowing us to bring our global operational expertise to this development as we continue to expand our footprint in the Americas,” noted Ammar Kannan, CEO, Terminal Investments Limited.
“Panama is an ideal gateway hub in the Americas and the World. This acquisition is a strategic opportunity for us to further develop and integrate a regional logistics platform while investing in assets which are synergistic to our investment model and where innovation and location offer an incomparable business footprint in the region,” said Dion L. Bowe, Managing Partner of NMG Latin America and the newly appointed CEO of PCCP.
In addition to the transshipment port, Notarc has entered into a memorandum of understanding with U.S.-based SGP BioEnergy (SGP) to construct and develop a major bioenergy facility and other logistics infrastructure at the Colon project. “SGP is excited to join Notarc in the development of these transformational projects for Panama and the region. This project led by Notarc is well positioned to capitalize on its unique logistics position and alliance with SGP in the global energy transition,” said Randy Delbert Letang, CEO of SGP BioEnergy.
“We welcome this investment by Notarc and its partners and look forward to their re-commencing of the construction, which will generate 1,800 jobs for the people of Colon and Panama. The Panama Canal is one of the most strategic locations in the World for logistics infrastructure investments. The companies’ plans to develop a biofuels energy facility and distribution hub to support the World’s energy transition is consistent with the goals of my administration while also attracting new FDI and ensuring that Panama is a global leader in the logistics and renewable energy sectors,” said Laurentino Cortizo, President of the Republic of Panama.
Source: Notarc Management Group