Officials with Goldwind USA, Inc. announced today that the company has closed a USD $71 million project financing deal for the 55MW project, which represents the first phase of the Penonome wind farm, located in the Province of Cocle, Panama. This project represents the largest wind energy project utilizing Goldwind wind turbines financed by western lenders. Sponsors for the deal, Goldwind International Holdings (HK) Limited and Union Eolica Panamena S.A. (UEP), were represented by members of Goldwind Capital in Chicago and UEP in Panama, respectively.
Banco Internacional de Costa Rica, S.A. (BiCSA) and Banco Espirito Santo de Investimento, S.A. (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.
"This financing demonstrates the commitment by the Sponsors, the bank group and the Government of Panama to the realization of wind power in Panama," said Tim Rosenzweig, CEO of Goldwind USA, Inc. "Goldwind is excited to play a critical role in developing the nation's first wind farm."
Daniel Gonzalez, BICSA's General Manager in Panama, echoed Rosenzweig's comments: "The strong support from official sector, regional and international banks underscored the essential quality of this renewable energy project and the strength of the sponsor team, and we are proud to support the development of this new alternative energy source for Panama's growing economy."
The project will strengthen Panama's energy matrix, complementing the existing technologies and creating more balance and security for the national electrical system. The power generated from the facility will flow to utility Altenergy, S.A., a subsidiary of GDF Suez, S.A. The 55 MW first phase of the total planned 220 MW Penonome wind project will feature 22 of Goldwind's GW2.5MW Permanent Magnet Direct Drive (PMDD) wind turbines. Once complete in 2014, the 220 MW Penonome wind project will be the largest wind energy project in both Panama and Central America. Coupled with recent awards in Chile and Ecuador, this deal marks Goldwind's continued growth within the Latin American market and success of its revolutionary PMDD turbines. As of the end of 2012, Goldwind has deployed over 12 GW of PMDD turbines globally – by far and away, the world's leader.
Throughout the past several years, Goldwind has been widely recognized for its success in globalizing operations. The company has opened subsidiaries in the United States, South Africa, Chile and Australia; each region is staffed with experienced local wind professionals, representing Goldwind's ethos to globalize through localization.
Xinjiang Goldwind Science & Technology Co., Ltd., is the largest manufacturer of wind turbines in China, and among the largest in the world. With strong R&D capabilities, the Company is the world's largest manufacturer of permanent magnet direct-drive wind turbines, representing the industry's next generation technology. Goldwind is listed on the Shenzhen Stock Exchange (stock code 002202) and The Stock Exchange of Hong Kong (stock code 2208).
Chicago-based Goldwind USA serves as the headquarters for operations in North and South America. Established in early 2010, Goldwind USA leverages a global network of offices and partnerships to offer a variety of wind power solutions including sales and service platforms to customers and strategic partners throughout the Americas.
By the 31st December 2012 Goldwind's accumulated wind power installations exceeded 15,000MW, and it has installed more than 12,000 wind turbine units around the world. That wind power generation capacity is equivalent to 12 million tons of coal saved per year or 29.91 million tons of carbon emissions reduced per year or 16.4 million cubic meters of newly planted forest.
Founded in 2008 as the Panamanian affiliate of Spain's Union Eolica Espanola, Union Eolica Panamena (UEP) is engaged in the development, construction and operation of wind projects in Panama. UEP´s affiliate group has developed more than 1,200 MW of wind power in Spain. Between 2010 and 2012, the Government of Panama awarded UEP definitive concessions for several wind farms located in Panama's Cocle Province: La Rosa de los Vientos (102MW), Nuevo Chagres (169MW), Maranon (18MW) and Portobelo (48MW). These projects are in various s stages of development with the final phase planned to reach commercial operation by 2015.