Solar Power Inc. Enters Latin America With Venture in PanamaJustin Doom
Solar Power Inc., a renewable-energy company backed by China’s LDK Solar Co., is making its first foray into Latin America, joining with SDL Solar to develop projects in Panama.
SPI will hold a controlling interest in the joint venture, which plans to bring at least 100 megawatts of capacity to Panama, the Shanghai-based company said in a statement Tuesday. Terms weren’t disclosed. SDL Solar, based in Franklin Lakes, New Jersey, expanded into Panama last year, according to its website.
The agreement “marks the establishment of SPI’s presence in Latin America, which we expect to become one of the fastest-growing solar markets in the world,” Peng Xiaofeng, chairman of SPI and founder of LDK, said in the statement.
Installations this year in Latin America, excluding Chile and Mexico, may rise to as much as 424 megawatts from 170 megawatts in 2014, according to a Bloomberg estimate. Globally, about 58 gigawatts will be installed, up from 47 gigawatts.