South Korea’s Posco Engineering & Construction Co. held a ceremony to dedicate the completion of the construction of the largest combined-cycle power plant in Panama. The 381-megawatt (MW) plant is located near Colon, 60 kilometers (km) north of Panama City, Panama.

In addition to providing power for First Quantum’s Cobre Panama mine and the Panama Canal, the new $671 million plant is expected to provide about a quarter of Panama’s total electrical demand. The project was finished in 27 months, the fastest among similar projects in Latin America, according to the company.

Looking to expand its footprint in the region, Posco was the first power plant construction company to venture into Latin America’s energy market in 2006 with a coal-fired power plant deal in Ventanas, Chile. The company now holds an impressive track record in Latin America, having secured more than $5.6 billion worth of power plant deals during its 10 years of operation in the region.