Tuesday, August 6, 2013

Goldwind seals Panama project

Goldwind’s US subsidiary has closed a $71m deal to finance the 55MW initial phase of Panama’s Penonome wind farm, scheduled to begin commercial operation in 2014.
Xinjiang Goldwind Science & Technology Co. (2208), China’s largest turbine maker by revenue, will provide 55 megawatts of equipment for a wind farm in Panama.
A joint venture of Goldwind and Spain’s Union Eolica Espanola SL received $71 million in loans to develop the first phase of the Penonome wind farm, the Urumqi, China-based company said today in a statement.
Banco Internacional de Costa Rica SA and Banco Espirito Santo de Investimento SA led the financing.
The project in Cocle Province may eventually reach 220 megawatts, making it the largest in Central America, according to the statement.
"Banco Internacional de Costa Rica (BiCSA) and Banco Espirito Santo de Investimento (BESI) 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 first project phase will utilize 22 of Goldwind’s 2.5MW permanent magnet direct drive (PMDD) wind turbines. The project is the largest financed by western lenders utilizing the vendor’s wind turbines.
“Goldwind is excited to play a critical role in developing the nation’s first wind farm,” says Tim Rosenzweig, chief executive "