Largest regional wind power project comes on-stream in Panama
Panama City, Panama — Regional energy company InterEnergy Holdings recently completed the installation of several of its turbines in a 215MW wind farm in Panama. The first power came on-stream on January 27 with two of the turbines successfully operating and generating power. The project was touted as the largest power investment in Latin America by former US President Bill Clinton when it was first announced.
The project will provide almost 7 percent of Panama’s total power needs displacing some 400,000 tons of CO2 emissions and save nearly 900,000 barrels of oil per year when completed.
InterEnergy is reportedly the largest power provider in the region, with over 1,000MW of installed capacity, which will increase when the latest wind farm project in Panama is completed.
InterEnergy Holdings is backed by the International Finance Corporation (IFC), a division of the World Bank, which also has an equity ownership of 20 percent of the company in the venture with a 300 million investment.
According to the Nassau Guardian, InterEnergy is one of the final three bidders in a Bahamian government initiative to privatize the management of the Bahamas Electricity Corporation (BEC) but no bidder has yet been selected or announced.
The Dominican Republic government, however, has supported InterEnergy investment in two different liquefied natural gas (LNG) initiatives in that country, including a Regas Storage Unit in collaboration with other Dominican companies in a venture known as Antillean Gas that comprises the companies COASTAL (Propagas and Tropigas), PROMIGAS, IPSON, InterEnergy and BW. It is said to be targeting a 1,000 MW gas generation facility, with an investment is some US$300 million.
According to the company’s website, it acquired the UEP II wind development project in April 2014 with a bridge loan of $100 million and closed on long term financing of $300 million in December 2014.
The Clinton Global Initiative lists InterEnergy’s investments on its website as a commitment made in 2013 and will be completed in the second half of 2015, with the added benefit of providing a nutrition centre to serve some 1,200 children.