InterEnergy Holdings has announced the signature of an agreement with Unión Eolica Panameña S.A. (UEP) to invest in a 215MW wind power project in Penonome, Panama
The total projected investment in the project, which is expected to be the largest wind power facility in Central America and the Caribbean, amount to $427 million. Goldwind USA, the US subsidiary of Xinjiang Goldwind Science & Technology Co., will supply 86 of its 2.5MW Permanent Magnet Direct-Drive (PMDD) turbines, helping the facility to displace over 400,000 tons of carbon dioxide emissions and save nearly 900,000 barrels of oil per year when complete.
The investment agreement also marks InterEnergy’s return to Panama after a five year absence and is part of a commitment made by InterEnergy at the Clinton Global Initiative (CGI) Latin America meeting last December in Rio de Janeiro.
“This will be InterEnergy’s largest investment in a renewable energy project to date, and will most certainly become an industry reference not only in Panama but in the entire region, for its size and importance” said Rolando Gonzalez Bunster, Chairman and Chief Executive Officer of InterEnergy. “In 2011 we became pioneers of renewable power in the Dominican Republic, and are now delighted to bring our expertise and experience to Panama.”
Former US President Bill Clinton added that the Latin American economy is growing every year, requiring the region to increase its installed power capacity. The Penonome wind project will help to highlight InterEnergy’s policy of bringing reliable, cost-efficient and clean energy to the region, a long-term commitment the company undertook as a result of the equity investment by the World Bank’s International Finance Corporation in 2013. Construction for the project, which has already commenced, is expected to be completed in April 2015.