US$71 million to finance Panama's first windmill generation farm: UEP Penonomé I
Arias, Fábrega & Fábrega assisted Banco Internacional de Costa Rica (BICSA), as administrative agent in the financing of the first wind farm in the country.
ARIFA's legal team assisted BICSA with the due diligence process and the preparation and negotiation of all security documents.
This wind farm, which is the first phase of the largest wind farm in Central America, will have an installed capacity of 55 megawatts. When completed, the entire project in Penonomé will have an installed capacity in excess of 300 megawatts.
Unión Eólica Panameña (UEP), a Spanish company, won the contract with the Electricity Transmission Company SA (ETESA), to provide electricity using 110 wind turbines to be installed in Penonomé.