IFC Closes $300 MM Financing for Largest Wind Farm in Central America

IFC announced that it completed a $300 million financing package for the construction of Laudato Si wind park (formerly known as Phase II and Phase III of the Penonome wind power plant), the largest wind farm in Central America. Check out the awesome time-lapse clip showing transport of WTGs from China to Panama and erection at the site.  [Shortlink: http://wp.me/p27qSt-HE]

According to the IFC, once operational, the 86 wind turbines with an installed capacity of 215 MW are expected to generate 448 GWh of energy per year. This is roughly equivalent to 5 percent of Panama's total energy demand.

Prizma assisted UEP Penonomé II, SA  (UEPII), a company created to operate this project in Panama, with the alignment of its environmental and social aspects with the IFC Environmental and Social Performance Standards and Equator Principles. The Equator Principles is a risk management framework, adopted by financial institutions, for determining, assessing and managing environmental and social risk in projects and is primarily intended to provide a minimum standard for due diligence to support responsible risk decision-making. Currently, 80 Equator Principles Financial Institutions (EPFIs) in 34 countries have officially adopted the Equator Principles. Prizma provides training to developers, financial institutions and consultants on the application of these environmental and social standards.

Penonome’s Phase II and III was acquired by InterEnergy Holdings (IEH), a private company with significant presence in the energy sector in the region and majority shareholder of UEPII. As blogged previously, Prizma has also been assisting IEH with the development of its Environmental and Social Management System (ESMS).

IFC's financing package consists of a US$ 80 million senior loan from IFC’s own account, a US$ 60 million senior loan from IFC’s Managed Co-Lending Portfolio Program, a new loan syndication platform that offers institutional investors the ability to passively participate in IFC’s future senior loan portfolio, and US$ 144 million in IFC’s syndicated senior loans from other development finance institutions and Panamanian banks. In addition, IFC will provide a US$ 16 million subordinated loan from its own account.

7 Comments to IFC Closes $300 MM Financing for Largest Wind Farm in Central America

  1. […] mainly for projects in emerging markets. Our projects range from gold mining in Central Asia to wind farming in Central America. We have generated numerous sustainability reports, assist with assurance engagements, and have […]

  2. […] deal. In December 2014, the International Finance Corporation (IFC) announced that it completed a $300 million financing package for the construction of Phase II and Phase III of the Penonomé Project, controlled by InterEnergy […]

  3. […] IFC Closes $300 MM Financing for Largest Wind Farm in Central America […]

  4. […] IFC Closes $300 MM Financing for Largest Wind Farm in Central America […]

  5. […] ($300 million) by the International Finance Corporation (IFC). Prizma supported InterEnergy with environmental and social aspects of the Penonomé wind farm development. – Shortlink: http://wp.me/p27qSt-LbThe 2-day training […]

  6. […] IFC Closes $300 MM Financing for Largest Wind Farm in Central America […]

  7. […] IFC Closes $300 MM Financing for Largest Wind Farm in Central America […]

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