Aug 5, 2013

Wind Farm Project is Panama's First

Admin
2 min
Goldwind USA Inc. announced today that the company has closed a $71 million project financing deal for the 55MW project in...

Goldwind USA Inc. announced today that the company has closed a $71 million project financing deal for the 55MW project in Panama, which represents the first phase of the Penonome wind farm, located in the Province of Cocle. 

“This financing demonstrates the commitment by the Sponsors, the bank group and the Government of Panama to the realization of wind power in Panama,” said Tim Rosenzweig, CEO of Goldwind USA Inc. "Goldwind is excited to play a critical role in developing the nation's first wind farm."

The 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.

This project represents the largest wind energy project utilizing Goldwind wind turbines financed by western lenders. Sponsors for the deal, Goldwind International Holdings (HK) Limited and Union Eolica Panamena S.A. (UEP), were represented by members of Goldwind Capital in Chicago and UEP in Panama, respectively.

Banco Internacional de Costa Rica, S.A. (BiCSA) and Banco Espirito Santo de Investimento, S.A. (BESI) led the financing as Mandated Lead Arrangers. The 10-year construction and term facility is financed through commitments from leading banks and a syndicate of local, regional and international lenders.

“The strong support from official sector, regional and international banks underscored 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 Panama's growing economy,” said Daniel Gonzalez, BICSA's general manager in Panama.

The project will strengthen Panama's energy matrix, complementing the existing technologies and creating more balance and security for the national electrical system. The power generated from the facility will flow to utility Altenergy, S.A., a subsidiary of GDF Suez, S.A.

Xinjiang Goldwind Science & Technology Co., Ltd., is the largest manufacturer of wind turbines in China, and among the largest in the world. 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. 

By December 2012, Goldwind's accumulated wind power installations exceeded 15,000MW, and it has installed more than 12,000 wind turbine units around the world. 

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Apr 23, 2021

Drax advances biomass strategy with Pinnacle acquisition

Drax
Biomass
Sustainability
BECCS
Dominic Ellis
2 min
Drax is advancing biomass following Pinnacle acquisition it reported in a trading update

Drax' recently completed acquisition of Pinnacle more than doubles its sustainable biomass production capacity and significantly reduces its cost of production, it reported in a trading update.

The Group’s enlarged supply chain will have access to 4.9 million tonnes of operational capacity from 2022. Of this total, 2.9 million tonnes are available for Drax’s self-supply requirements in 2022, which will rise to 3.4 million tonnes in 2027.

The £424 million acquisition of the Canadian biomass pellet producer supports Drax' ambition to be carbon negative by 2030, using bioenergy with carbon capture and storage (BECCS) and will make a "significant contribution" in the UK cutting emissions by 78% by 2035 (click here).

Drax CEO Will Gardiner said its Q1 performance had been "robust", supported by the sale of Drax Generation Enterprise, which holds four CCGT power stations, to VPI Generation.

This summer Drax will undertake maintenance on its CfD(2) biomass unit, including a high-pressure turbine upgrade to reduce maintenance costs and improve thermal efficiency, contributing to lower generation costs for Drax Power Station.

In March, Drax secured Capacity Market agreements for its hydro and pumped storage assets worth around £10 million for delivery October 2024-September 2025.

The limitations on BECCS are not technology but supply, with every gigatonne of CO2 stored per year requiring approximately 30-40 million hectares of BECCS feedstock, according to the Global CCS Institute. Nonetheless, BECCS should be seen as an essential complement to the required, wide-scale deployment of CCS to meet climate change targets, it concludes.

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