The Penonome Wind Farm represents Goldwind's largest western-financed deal
PANAMA CITY, Republic of Panama, Aug. 5, 2013 /PRNewswire/ -- Joint sponsors Goldwind International Holdings (HK) Limited and Union Eolica Panamena S.A. (UEP) announced today the successful project financing for the first phase of the 220 MW Penonome Wind Farm, located in the Province of Cocle, Republic of Panama. This project is the country's first wind energy farm and the first utility-scale use of Goldwind's wind turbines financed by western lenders. Once fully installed in 2014, the project will be the largest of its kind in Central America.
"This financing demonstrates the commitment by the Sponsors, the bank group and the Government of Panama to the realization of the advantages of wind power in Panama," said Tim Rosenzweig, Chief Executive Officer of Goldwind USA, Inc. "Goldwind is excited to play a critical role in developing the nation's first wind farm."
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, the deal marks Goldwind's continued growth in Latin America and the success of its revolutionary PMDD turbines. Through 2012, Goldwind has deployed over 12 GW of PMDD turbines globally – by far and away, the world's leader. Power generated from the facility will flow to Panama's national grid via utility company, Altenergy, S.A., a subsidiary of GDF Suez Energy Central America.
"The Penonome project will strengthen Panama's energy matrix by complementing existing technologies and creating more balance and security for the national electrical system. Importantly, this first phase lays a solid foundation for the development of UEP's future wind farm projects in the country," said Rafael Perez-Pire Angulo, UEP's General Manager in Panama.
Banco Internacional de Costa Rica, S.A. (BICSA) is the Bookrunner and Administrative Agent, Citibank, N.A. is the Collateral Agent and Depositary Bank and Banksville Partners LLC acted as Structuring Advisor for the USD 71 million, 10-year construction and term debt facility provided by a syndicate of important local, regional and international lenders:
Initial Mandated Lead Arranger
Banco Internacional de Costa Rica, S.A.
Joint Mandated Lead Arranger
Banco Espirito Santo de Investimento, S.A. New York Branch
Caja de Ahorros – Panamá
Banco Nacional de Panamá – Panamá
Banco G&T Continental, S.A. - Guatemala
Multibank, Inc. - Panamá
"The strong support from official sector, regional and international banks underscores 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 Panamá's vibrant growing economy," said Daniel González, BICSA's General Manager in Panamá.
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, Goldwind 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.
As of yearend 2012, Goldwind has installed more than both 15,000 MW of cumulative wind power and 12,000 wind turbine units around the world. That wind power generation capacity is equivalent to 12 million tons of coal saved per year, 29.91 million tons of carbon emissions reduced per year or 16.4 million cubic meters of newly planted forest.
About Union Eolica Panamena S.A. (UEP)
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 stages of development with the final phase planned to reach commercial operation by 2015.