Hanwha Q Cells has offloaded the largest solar power portfolio in Panama two years after it first started development of the projects.
In a press release, Hanwha Q Cells announced it sold 100% stake in 3 solar photovoltaic (PV) power plants in Panama to energy investment firm Entropy Investment Management. The projects are spread across 200 acres of land in the Hererra, Cocle, and Los Santos Provinces.
Hanwha Q Cells started developing the projects in association with local consultant Renventure, SEMI, which acted as the engineering, procurement, and construction contractor; ANAM, the environmental authority; and EDEMET, the power transmission company.
Hanwha Q CELLS USA President Moon Hwan Cha stated that his company was proud to have been one of the pioneers in bringing solar power development to Panama. The projects have been implemented using Hanwha Solar HSL polycrystalline modules and would operate for 30 years. Power generation from the projects would offset greenhouse gas emissions equivalent to 36,800 tonnes of carbon dioxide every year.
The acquisition will make Entropy the largest operator of renewable energy projects in Panama. The investment company is upbeat about Panama, stating that it is the one of the fastest growing economies in Latin America.
According to a report issued by market research company IHS Technology, Central America is set for a solar boom over the next few years. The total solar power capacity in the region, which stood at around 20 MW by end of 2014, is expected to reach 243 MW by end of this year and over 500 MW by the end of 2018. Honduras is expected to lead in terms of installed capacity while Panama, Guatemala, and El Salvador would follow with nearly the same installed capacity.