PNE AG: Latin America - Hub in Panama

  • Implementation of the strategic orientation “Scale up”
  • Great potential for wind energy and photovoltaics in Latin America
  • Five advanced projects taken over in Panama

Panama/Cuxhaven, February 22, 2019 - Internationally operating project developer PNE AG now also enters the market for renewable energies in Latin America. Panama will become PNE AG’s hub for the development of business in this region. As part of its “Scale up” strategy, PNE AG has defined the entry into foreign markets as an important cornerstone of its future economic development and is now implementing this in an impressive manner. 

Markus Lesser, CEO of PNE AG, comments on this expansion of international activities: “In Latin America, we see great potential for the expansion of renewable energies – both in wind energy and in photovoltaics. Therefore, this step means the consistent implementation of our strategy in a promising region.”

Via subsidiaries, five projects in Panama have now been taken over from innoVent Central America S.A., Panama, which is a subsidiary of innoVent GmbH in Varel, Germany. Some of the projects are already at a very advanced stage of development. 

According to the International Renewable Energy Agency (IRENA), around 270 MW of wind energy and around 130 MW of photovoltaic projects have so far been installed in Panama. The aim is to significantly expand the capacities in the future. The Central American country not only enjoys frequent sunshine but also very good wind conditions. 

The essential steps towards approval of the mentioned projects have already been completed. Depending on the project, some of the sites have already been fully secured, and the necessary expert opinions, grid connection studies and extensive results from wind measurement campaigns are available. 

In Panama, PNE is counting on the market and the increasing demand for renewable energies. The electricity generated in the projects after commissioning will be marketed via direct power purchase agreements (PPAs) under private law, as no tenders are expected in Panama in the near future. The regulatory framework in Panama supports these considerations.

As a result of its entry into the Panamanian market, PNE AG now operates in 14 countries on three continents in the development of projects for the generation of electricity from clean energies.