MPC Energy Solutions has entered the ground-mounted solar market in Panama, in Latin America.
The company and its partners have already identified sites and grid connection capacity for combined 60MW to 70MW with immediate start of development works and the aim to grow this local pipeline further through own developments as well as acquisitions.
The new development projects will support MPC’s goal of reaching 800MW of ready-to-build projects in the region by 2025 and to achieve 1GW sustainable energy assets across Latin America and the Caribbean by 2027.
“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”, said managing director Latin America and Caribbean of MPC Energy Solutions Fernando Zúñiga.
“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,” he said.
He added that 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,” said Zúñiga.