Maxo Benalal, executive director of Industria Tecnológica Panameña (ITP), indicated the work is scheduled to begin in September.
Panama will become the third Latin American country to receive a wind power equipment manufacturing center after Brazil and Mexico.
According to Prensa.com, ITP is currently developing two wind farm projects, one in Veraguas in the centre-west of the country and another in Ngäbe Buglé, a partially autonomous indigenous region. Together the projects represent and investment of approximately $300 million.
The company has selected the wind turbine manufacturer Vestas, to begin its project in Nicaragua.
Vestas received an order for the manufacture of 22 generating units of 1.8 MW each, for the wind project ‘La Fé’ (The Faith), which will generate 40 MW of energy and will be located in San Martin, Nicaragua.
12 turbines have been added at Cerro de Hula wind farm, with an additional investment of $63 million.
Currently the Cerro de Hula wind farm, owned by Energía Eólica de Honduras, a subsidiary of Globeleq Mesoamerica Energy, has a generating capacity of 102 MW.
The investment of $63 million announced by Deputy Minister of Natural Resources of Honduras, Roberto Cardona, will increase generation by 25 MW, bringing the total generating potential of Cerro Hula to 127 MW.
Chinese wind turbine manufacturers are betting on growth in the Latin American market, offering loans backed by their government at very competitive rates.
Interest rates could be as much as 50% lower than those granted by local banks.
"The package being offered could make buyers choose Chinese machines in preference to those of Western manufacturers such as Vestas Wind Systems A / S of Denmark or General Electric Co., in a similar manner to the U.S. government helping exporters to sell cotton from dependent countries guaranteeing loans or insurance", noted an article in Prensa.com
In Costa Rica, 19 projects were selected as "eligible" by the state run power company, but the same institution has ruled out opening new competitions to purchase more wind-generated power.
Investment in alternative energy is risky, because it depends on uncontrollable external factors such as unpredictable weather variations, which have particular effects on hydraulics, solar and wind power.
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