News & Features

Financing Achieved for Panama’s First Wind Farm

Posted on August 9, 2013

A-turbine-being-installed-55 MW wind farm is Panama’s first wind project

Officials with Goldwind USA, Inc. announced today that the company has closed a USD $71 million project financing deal for the 55MW project, which represents the first phase of the Penonome wind farm, located in the Province of Coclé, Panama. This project represents the largest wind energy project utilizing Goldwind wind turbines financed by western lenders. Sponsors for the deal, Goldwind International Holdings (HK) Limited and Unión Eólica Panameña S.A. (UEP), were represented by members of Goldwind Capital in Chicago and UEP in Panama, respectively.

Banco Internacional de Costa Rica, S.A. (BiCSA) and Banco Espirito Santo de Investimento, S.A. (BESI) led the financing as Mandated Lead Arrangers.  The 10-year construction and term facility is financed through commitments from leading banks and a syndicate of local, regional and international lenders.

“This financing demonstrates the commitment by the Sponsors, the bank group and the Government of Panama to the realization of wind power in Panama,” said Tim Rosenzweig, CEO of Goldwind USA, Inc. “Goldwind is excited to play a critical role in developing the nation’s first wind farm.”

Daniel Gonzalez, BICSA’s General Manager in Panama, echoed Rosenzweig’s comments; “The strong support from official sector, regional and international banks underscored the essential quality of this renewable energy project and the strength of the sponsor team, and we are proud to support the development of this new alternative energy source for Panama’s growing economy”

The project will strengthen Panama’s energy matrix, complementing the existing technologies and creating more balance and security for the national electrical system.  The power generated from the facility will flow to utility Altenergy, S.A., a subsidiary of GDF Suez, S.A.

The 55 MW first phase of the total planned 220 MW Penonome wind project will feature 22 of Goldwind’s GW2.5MW Permanent Magnet Direct Drive (PMDD) wind turbines. Once complete in 2014, the 220 MW Penonome wind project will be the largest wind energy project in both Panama and Central America.  Coupled with recent awards in Chile and Ecuador, this deal marks Goldwind’s continued growth within the Latin American market and success of its revolutionary PMDD turbines.   As of the end of 2012, Goldwind has deployed over 12 GW of PMDD turbines globally – by far and away, the world’s leader.

Throughout the past several years, Goldwind has been widely recognized for its success in globalizing operations.  The company has opened subsidiaries in the United States, South Africa, Chile and Australia; each region is staffed with experienced local wind professionals, representing Goldwind’s ethos to globalize through localization.