MPC Energy Solutions Signs First Development Service Agreement in Panama

Source: www.gulfoilandgas.com 5/15/2023, Location: South America

MPC Energy Solutions (MPCES) strengthens its commitment to deliver renewable energy solutions and expands its development footprint in Latin America by entering Panama. Through new developments focusing on ground-mounted solar PV, the company enhances its ambition to significantly expand its project pipeline in Latin America.

"In line with our business strategy and geographical focus, we are dedicated to developing projects located in Panama and other Latin American and Caribbean nations. It is exciting to see the continuous growth of our diversified pipeline as we take further steps towards helping to accelerate the energy transition in the region," says Fernando Z˙˝iga, Managing Director Latin America and Caribbean of MPC Energy Solutions.

MPCES and its partners have already identified sites and grid connection capacity for combined 60-70 MWp with immediate start of development works and the aim to grow this local pipeline further through own developments and/or acquisitions. The new development projects will support the company's goal to reach 800 MW of ready-to-build projects in the region by 2025 and to achieve 1,000 MW of sustainable energy assets across Latin America and the Caribbean by 2027.

"As Panama's government looks to decentralise and diversify its energy generation, we are committed to contribute to the expansion of the country's green energy sources. Panama possesses excellent solar irradiation, a well-functioning and mature electricity market for independent power producers, PPA and spot market settlements in USD and the cheapest cost of debt financing in the region. These factors are key drivers for our decision to enter the market and develop economically attractive assets," says Fernando Z˙˝iga.

Panama has made significant strides in developing hydropower projects, producing 54% of its electricity through hydroelectric power. To accelerate its commitment to tackling climate change, increasing the country's resilience, and meeting its growing energy demands, Panama has pledged that 50% of the country's generation capacity will come from renewables by 2050, including solar and wind.


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