Biggest Wind Farm in Central America Gets $300 Million From IFCVanessa Dezem
Central America’s largest wind farm capable of generating five percent of Panama’s power demand will receive a $300 million loan from the World Bank’s corporate funding arm.
The loan will be used to finance phases II and III of InterEnergy Holdings’ Penonome wind power plant, 150 kilometers (93 miles) from Panama City, the Washington-based multilateral lender’s International Finance Corporation, said in statement today.
Panama is one of the fastest growing economies in Latin America, though infrastructure investments, particularly to increase power generation, have lagged, the IFC said.
“The project is aligned with IFC’s strategy to support initiatives that help Central American countries transition to a cleaner and more efficient energy matrix,” Gabriel Goldschmidt, the IFC’s head of Infrastructure in Latin America and the Caribbean, said in the statement.
Phases II and III of the project, with an installed capacity of 215 megawatts, were acquired in April by closely held InterEnergy, which owns energy generation assets in Latin America and the Caribbean. The power plant will displace about 400,000 tons of carbon dioxide a year, the equivalent of taking 84,000 cars off the road.