Goldwind seals Panama project

Goldwind’s US subsidiary has closed a $71m deal to finance the 55MW initial phase of Panama’s Penonome wind farm, scheduled to begin commercial operation in 2014.

Banco Internacional de Costa Rica (BiCSA) and Banco Espirito Santo de Investimento (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.

The first project phase will utilize 22 of Goldwind’s 2.5MW permanent magnet direct drive (PMDD) wind turbines. The project is the largest financed by western lenders utilizing the vendor’s wind turbines.

“Goldwind is excited to play a critical role in developing the nation’s first wind farm,” says Tim Rosenzweig, chief executive of Goldwind USA.

Altenergy, a subsidiary of GDF Suez, will purchase electricity from the wind farm. Plans call for expanding Penonome to an eventual 220MW.

Between 2010 and 2012, the government of Panama awarded UEP, an affiliate of Spain's Unión Eólica Española, concessions for several wind farms located in Panama’s Coclé Province. These include Penomome;  102MW La Rosa de los Vientos; 169MW Nuevo Chagres; 18MW Marañón and 48MW Portobelo.

These projects are in various s stages of development with the final phase planned to reach commercial operation by 2015.

The Panamenian project is Goldwind’s third in Latin America after turbine supply deals in Ecuador and Chile.