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Goldwind USA has closed a $71 million project financing deal for the 55 MW Penonome wind farm, the first in Panama.

According to Goldwind, the project represents the largest wind energy project using Goldwind wind turbines financed by western lenders. Sponsors for the deal, Goldwind International Holdings 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. and Banco Espirito Santo de Investimento, S.A. 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.

The 55 MW first phase of the total planned 220 MW Penonome wind project will feature 22 of Goldwind’s 2.5 MW permanent magnet direct drive wind turbines. Once completed in 2014, the 220 MW Penonome wind project will be the largest wind energy project in both Panama and Central America, notes Goldwind.

Goldwind notes that the project, located in the province of Cocle, 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.


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