CABEI supports clean energy in Panama
By means of this initiative the CABEI will contribute to improve the stability of the electrical system, lower costs of energy and reduce the country´s oil imports.
January 9, 2015 – On December, 2014 CABEI teamed up with other financial institutions and the IFC, as lead arranger, to finance the construction and operation of Penonome II wind farm with an installed capacity of 215 MW.
The project is located approximately 150 kilometers from Panama City and once operational will be the largest wind farm in the Central American region. The project benefits the country through the stabilization of the electricity distribution system, the reduction of electricity costs, the development of the electrical sector in Panama and the reduction of the oil bill. Also, according to estimates of the project sponsor, the project will contribute to the reduction of greenhouse gases equivalent to 400,000 tons of CO2 per year.
CABEI’s Executive President Nick Rischbieth stated that “this renewable energy project will most certainly be an industry reference, not only in Panama but in the entire region, for its size and importance. We are pleased to support this private initiative with a high public value”.