PNE enters LatAm via purchase of projects in Panama
"Courtesy of PNE WIND AG"
German wind projects developer PNE AG (ETR:PNE3) has acquired five schemes in Panama, where it is creating a hub in order to enter and grow into the Latin America renewable energy market.
The company said today that, through subsidiaries, it has acquired five projects in Panama from InnoVent Central America SA, which is a unit of compatriot InnoVent GmbH. The value of the transaction was not given.
PNE noted that some of these assets are at a very advanced stage of development and added that the electricity generated by the plants upon commissioning will be marketed via direct power purchase agreements (PPAs) under private law.
Panama has some 270 MW of installed wind and 130 MW of solar photovoltaic (PV) capacity, according to the International Renewable Energy Agency (IRENA).
“In Latin America, we see great potential for the expansion of renewable energies – both in wind energy and in photovoltaics,” commented CEO Markus Lesser.
The company now operates in 14 countries on three continents, it pointed out.