InterEnergy announces investment in the largest wind power project in Central America
InterEnergy Holdings (“InterEnergy”) announced today that it has signed an agreement with Unión Eolica Panameña S.A. (“UEP”) to invest in a wind power project located in Penonome, Panama.
With 215MW in total aggregate capacity and total projected investments of US$ 427 million, the Penonome project is expected to be the largest wind power project in the Central America and Caribbean regions. It also marks InterEnergy’s return to Panama, after a five-year hiatus.
“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.”
The investment is also part of a commitment made by InterEnergy at the Clinton Global Initiative (“CGI”) Latin America meeting last December in Rio de Janeiro. The project is expected to eliminate over 400,000 tons of CO2 emissions and save near 900,000 barrels of oil per year when completed.
“Latin America’s economy is growing every year, requiring the region to increase its installed power capacity,” said President Bill Clinton. “InterEnergy is a pioneer in power generation and renewable energy, and their incredible progress on their CGI Commitment is driving sustainable development in the region by both decreasing carbon emissions and lowering the price of power for consumers.”
The Penonome wind project highlights InterEnergy’s mission 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.
Goldwind USA, the US subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd. will be supplying the project with 86 of its 2.5MW Permanent Magnet Direct-Drive (“PMDD”) turbines. Construction for the project, which has already commenced, is expected to be completed in April 2015.