InterEnergy Announces Investment in the Largest Wind Power Project in Central America, April, 2014 –
InterEnergy Holdings (“InterEnergy”) announced today that it has signed an agreement with Unión Eolica Panameña S.A. (“UEP”) 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. It also marks InterEnergy’s return to Panama, after a five-year hiatus.
“This will be InterEnergy’s largest investment in a renewable energy project to date, and will most certainly become an industry reference 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.”
The 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.
“Latin America’s economy is growing every year, requiring the region to increase its installed power capacity,” said President Bill Clinton. “InterEnergy is a pioneer in power generation and renewable energy, and 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.”
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.
Goldwind USA, the US subsidiary of Xinjiang Goldwind Science & Technology Co., Ltd. will be supplying the project with 86 of its 2.5MW Permanent Magnet Direct-Drive (“PMDD”) turbines. Construction for the project, which has already commenced, is expected to be completed in April 2015.
InterEnergy Holdings (“InterEnergy”) is a holding company that owns and operates power generation and distribution assets in Latin America and the Caribbean. Its predecessor, Basic Energy Ltd., led by power entrepreneur Rolando Gonzalez Bunster, had near 25 years of investment and operational experience in the power sector having acquired and developed over 1,500MW in the Dominican Republic, Argentina, Panama and Jamaica.
Today, InterEnergy is one of the largest investors in the power sector of the Dominican Republic, with over 1,300MW of combined installed capacity in its portfolio. The company is also a renewable energy pioneer in the region, establishing the first wind generation park in the Dominican Republic in 2011, a partnership between EGE Haina and CEPM, two of InterEnergy’s portfolio companies, in Juancho Los Cocos. The park, which was recently expanded, has over 86 MW of aggregate installed capacity.
In February 2013, the World Bank’s International Finance Corporation acquired a minority equity interest in InterEnergy. This investment marked the beginning of an important expansion phase for InterEnergy, with the continuous focus of bringing efficient, clean and cost-effective energy to our region. The investment in Gas Stream of Chile, a LNG distribution business, was InterEnergy’s first foray outside the Dominican Republic. The company expects to announce additional investments and acquisitions throughout the region in the near future.
About the Clinton Global Initiative
Established in 2005 by President Bill Clinton, the Clinton Global Initiative (“CGI”), an initiative of the Bill, Hillary & Chelsea Clinton Foundation, convenes global leaders to create and implement solutions to the world’s most pressing challenges. CGI Annual Meetings have brought together more than 150 heads of state, 20 Nobel Prize laureates, and hundreds of leading CEOs, heads of foundations and NGOs, major philanthropists, and members of the media. To date, members of the CGI community have made more than 2,800 Commitments to Action, which are already improving the lives of more than 430 million people in over 180 countries. When fully funded and implemented, these commitments will be valued at $103 billion.
CGI also convenes CGI America, a meeting focused on collaborative solutions to economic recovery in the United States, and CGI University (CGI U), which brings together undergraduate and graduate students to address pressing challenges in their communities and around the world. For more information, visit clintonglobalinitiative.org and follow us on Twitter @ClintonGlobal and Facebook at facebook.com/clintonglobalinitiative.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. seo website analysis report In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.