$71M Financing for Penonome Wind Farm in Panama

2 WTG in Panama

Goldwind USA announced that it closed financing for Phase I (55MW) of the Penonome Wind Farm in Panama, a project supported by Prizma. Once complete, the 220 MW project will be the largest wind energy project in Central America.(Shortlink: http://wp.me/p27qSt-AN)

Banco Internacional de Costa Rica, S.A. (BiCSA) and Banco Espirito Santo de Investimento, S.A. (BESI) were the Mandated Lead Arrangers for this US$71 million project finance deal. As shown in the image above, the second turbine was erected about two weeks ago (image courtesy of Goldwind). Once complete in 2014, the 220 MW Penonome wind project will be the largest wind energy project in both Panama and Central America.

As blogged earlier, Prizma has been retained to support the Penonomé Wind Farm development in Panama. Our team provides environmental and social impact assessment expertise relevant to the Equator Principles and IFC Performance Standards. This is a credit risk management benchmark used by leading financial institutions (known as Equator Banks) to determine and manage environmental and social risks in project finance and related transactions.

In April 2014, Goldwind USA announced that it had it has received an order from InterEnergy Holdings, which is backed by the IFC, to supply 86 of Goldwind's 2.5MW Permanent Magnet Direct-Drive (PMDD) turbines for the 215MW Penonomé wind project in the province of Coclé, Panama. The order is Goldwind’s largest international sale to date. This will also be InterEnergy’s largest investment in a renewable energy project to date. In addition to supplying 215MW of wind turbines, Goldwind will provide a long-term maintenance program.

About the author: Mehrdad Nazari (MSc, MBA, LEAD Fellow) is a Senior ESIA & CSR Advisor, and Director of Prizma. He has over 20 years of professional experience, including 10 as a Principal Environmental Specialist at the European Bank for Reconstruction and Development (see LinkedIn profile here). Prizma also delivers short courses on the Equator Principles and the IFC Performance Standards. The next courses will be hosted by Parsons Brinkerhoff on September 23, 2013 in London, and TD Bank on October 29, 2013 in Toronto. Additional information and registration details are provided in the course brochure which can be accessed here.