In December 2014, OeEB contributed USD 25 million to IFC's USD 190.6 million financing for the construction of the Penonome wind farm – the largest wind farm in Central America.

Project name Penonome wind farm
Region Central America and the Caribbean
Sector Energy / Resource efficiency / Infrastructure
Service Investment Finance
Project country Panama
OeEB project volume USD 25 million
Total investment volume USD 190.6 million
Projekt partner(s) UEP Penonome II S.A. and IEH Penonome Panama S.A.

More than half of Panama's electricity is generated from hydropower plants, making the power sector vulnerable during the dry season. This often results in power outages and rationing as well as in a high dependence on expensive fossil fuel imports during the dry season.

With a capacity of 215 MW the Penonome wind farm in the province of Coclé, 100 km south of Panama City, is expected to generate 448 GWh of energy per year, equivalent to around 5 percent of the country's total energy demand.

It will help diversify the country's energy matrix and complement the hydro-based energy generation, since the dry months are also the windiest. Moreover, energy generated from the project will help to ease the country's dependence on imported fossil fuels which contributes to lowering electricity prices and to reducing carbon emissions.