We are pleased to announce the successful closing of the $71 million Penonome I Project Financing on which Banksville Partners acted as "Structuring Advisor" for the syndicate of international banks.
Financing Achieved for Panama’s First Wind Farm
The Penonome Wind Farm represents Goldwind’s largest western-financed deal
Panama's President Ricardo Martinelli inaugurates installation of the first wind turbine at Penonome site - Aug. 5, 2013
Panama City, Republic of Panama – August, 2013: Joint sponsors Goldwind International Holdings (HK) Limited and Unión Eólica Panameña S.A. (UEP) announced today the successful project financing for the first phase of the 220 MW Penonome Wind Farm, located in the Province of Coclé, Republic of Panama. This project is the country’s first wind energy farm and the first utility-scale use of Goldwind’s wind turbines financed by western lenders. Once fully installed in 2014, the project will be the largest of its kind in Central America.
“This financing demonstrates the commitment by the Sponsors, the bank group and the Government of Panama to the realization of the advantages of wind power in Panama,” said Tim Rosenzweig, Chief Executive Officer of Goldwind USA, Inc. “Goldwind is excited to play a critical role in developing the nation’s first wind farm.”
The 55 MW first phase of the total planned 220 MW Penonome wind project will feature 22 of Goldwind’s GW2.5MW Permanent Magnet Direct-Drive (PMDD) wind turbines. Once complete in 2014, the 220 MW Penonome wind project will be the largest wind energy project in both Panama and Central America. Coupled with recent awards in Chile and Ecuador, the deal marks Goldwind’s continued growth in Latin America and the success of its revolutionary PMDD turbines. Through 2012, Goldwind has deployed over 12 GW of PMDD turbines globally – by far and away, the world’s leader. Power generated from the facility will flow to Panama’s national grid via utility company, Altenergy, S.A., a subsidiary of GDF Suez Energy Central America.
“The Penonome project will strengthen Panama’s energy matrix by complementing existing technologies and creating more balance and security for the national electrical system. Importantly, this first phase lays a solid foundation for the development of UEP’s future wind farm projects in the country,” said Rafael Perez-Pire Angulo, UEP’s General Manager in Panama.
To learn more about the Penonome Wind Farm, watch the above short video (Spanish).
The Lender Syndicate
Banco Internacional de Costa Rica, S.A. (BICSA) is the Bookrunner and Administrative Agent, Citibank, N.A. is the Collateral Agent and Depositary Bank and Banksville Partners LLC acted as Structuring Advisor for the USD 71 million, 10-year construction and term debt facility provided by a syndicate of important local, regional and international lenders:
Initial Mandated Lead Arranger Banco Internacional de Costa Rica, S.A.
Joint Mandated Lead Arranger Banco Espirito Santo de Investimento, S.A. NY Branch
Manager Caja de Ahorros – Panamá
Lender Banco Nacional de Panamá – Panamá
Lender Banco G&T Continental, S.A. - Guatemala
Lender Multibank, Inc. - Panamá
First Turbine is Installed at the Penonome Wind Farm
“The strong support from official sector, regional and international banks underscores the essential quality of this renewable energy project and the strength of the sponsor team, and we are proud to support the development of this new alternative energy source for Panamá’s vibrant growing economy,” said Daniel González, BICSA’s General Manager in Panamá.
About Goldwind
Xinjiang Goldwind Science & Technology Co., Ltd., is the largest manufacturer of wind turbines in China, and among the largest in the world. With strong R&D capabilities, Goldwind is the world’s largest manufacturer of permanent magnet direct-drive wind turbines, representing the industry’s next generation technology. Goldwind is listed on the Shenzhen Stock Exchange (stock code 002202) and The Stock Exchange of Hong Kong (stock code 2208).
Chicago-based Goldwind USA serves as the headquarters for operations in North and South America. Established in early 2010, Goldwind USA leverages a global network of offices and partnerships to offer a variety of wind power solutions including sales and service platforms to customers and strategic partners throughout the Americas.
As of yearend 2012, Goldwind has installed more than both 15,000 MW of cumulative wind power and 12,000 wind turbine units around the world. That wind power generation capacity is equivalent to 12 million tons of coal saved per year, 29.91 million tons of carbon emissions reduced per year or 16.4 million cubic meters of newly planted forest.
About Unión Eólica Panameña S.A. (UEP)
Founded in 2008 as the Panamanian affiliate of Spain's Unión Eólica Española, Unión Eólica Panameña (UEP) is engaged in the development, construction and operation of wind projects in Panama. UEP´s affiliate group has developed more than 1,200 MW of wind power in Spain. Between 2010 and 2012, the Government of Panama awarded UEP definitive concessions for several wind farms located in Panama’s Coclé Province: La Rosa de los Vientos (102MW), Nuevo Chagres (169MW), Marañón (18MW) and Portobelo (48MW). These projects are in various stages of development with the final phase planned to reach commercial operation by 2015.
About Banksville Partners LLC (BP)
Banksville Partners LLC ('BP') is a consultancy practice founded in New York in 2005 by seasoned market professionals. Since then, BP has grown to include representation in several markets in Latin America, including: Panama, Chile, Brazil, Ecuador, Colombia and Argentina. BP provides clients with consultancy services in specialized financing sources, including: debt and equity markets, traditional and non-traditional private market investors, government programs, such as export credit agencies and multilateral agencies, the international forfaiting market, and credit insurance markets. BP tailors its services to meet each client's needs, which may include: financial structuring and negotiation, arrangement of debt and/or equity facilities, debt refinancing or restructuring, financial due diligence services, project financing, Investor relations services, commercial negotiations and strategic partnerships.