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Bidder for stake in Bahamas utility announces largest wind power project in region
Published on April 30, 2014 Email To Friend    Print Version

NASSAU, Bahamas -- InterEnergy Holdings has signed an agreement with Unión Eolica Panameña SA to invest in a wind power project located in Penonome, Panama. With 215MW in total aggregate capacity and total projected investments of US$427 million, the Penonome project is expected to be the largest wind power project in the Central America and Caribbean regions.

According to the Nassau Guardian, InterEnergy is understood to be one of the companies that have submitted bids to take over the generation and transmission and distribution functions of the Bahamas Electricity Corporation as part of a reform process currently under consideration by the country’s government.

The latest agreement marks InterEnergy’s return to Panama, after a five-year hiatus.

Rolando Gonzalez Bunster
“This is a very important investment for InterEnergy. We expect the project to set new standards for the renewable energy industry not only in Panama but in the entire region, for its size and importance,” said Rolando Gonzalez Bunster, chairman and chief executive officer of InterEnergy.

“In 2011 we became pioneers of renewable power in the Dominican Republic, and are now delighted to bring our expertise and experience to Panama,” he added.

The Panama investment is also part of a commitment made by InterEnergy at the Clinton Global Initiative (CGI) Latin America meeting last December in Rio de Janeiro.

The project is expected to eliminate over 400,000 tons of CO2 emissions and save near 900,000 barrels of oil per year when completed.

Former US President Bill Clinton
“Latin America's economy is growing every year, requiring the region to increase its installed power capacity,” said former US President Bill Clinton.

“InterEnergy is a pioneer in power generation and distribution, as well as in renewable energy. Their incredible progress on their CGI commitment is driving sustainable development in the region by both decreasing carbon emissions and lowering the price of power for consumers,” Clinton added.

The Penonome wind project highlights InterEnergy’s mission of bringing reliable, cost-efficient and clean energy to the region, a long-term commitment the company undertook as a result of the equity investment by the World Bank’s International Finance Corporation in 2013.

Construction for the project, which has already commenced, is expected to be completed in April 2015.
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