Hanwha Q CELLS USA, an international solar developer and solutions provider, has sold 33 megawatts of utility scale solar in Panama to affiliates of Entropy Investment Management. Hanwha Q CELLS USA was joined in the sale by its development partners Renventure (local partner), SEMI (Engineering, Procurement and Construction), ASEP (Panama public service agency), ANAM (Panamaenvironmental authority), and EDEMET (transmission company).
The 33MWdc of Solar Photovoltaic Projects are located on 200 acres of idle grazing land on three sites in the Hererra, Cocle and Los Santos Provinces in the Republic of Panama. Development took two years and was fully realized without federal, state, local or corporate incentives. Hanwha began funding construction early this year. Affiliates of Entropy acquired a 100% interest in the projects and will fund equity during project construction.
Hanwha Q CELLS USA President Moon Hwan Cha remarked: “Hanwha Q CELLS is proud to have brought solar energy development and financing capabilities to the Panama market and expand local clean renewable energy.”
The project will use Hanwha Solar HSL polycrystalline modules, manufactured with an industry leading quality and performance. The Solar Farm will operate for 30 years and reduce CO2 emissions by more than 36,800 metric tons per year – equal to the annual carbon emissions of more than 7,800 passenger cars.
Tyler Fauerbach, Entropy Managing Director remarked that, “with this acquisition, Entropy will be the largest operator of clean, renewable solar power in the Republic of Panama, one of the fastest growing and significant economies in Latin America“, Fauerbach went on to state that, “These assets will have a significant impact in providing Panama with inexpensive, reliable power and reducePanama’s reliance on volatile oil and hydro generation.” Entropy will manage the construction and operation of the projects, and hopes to have them placed in service by the end of the year.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.