AUDAX RENEWABLES IN PANAMA

Audax renewables, renewable energy generation subsidiary of the Audax group, which participates together with local partners in the Toabré wind farm project in Panama, announces that construction works have begun for the first phase of 66 MW of installed power of the wind farm with a total investment of more than 150 million dollars.
To secure the necessary funds for the project, Parque Eólico Toabré, SA, has signed a financing contract for 12 years, for a total amount of 104 million dollars, in which a syndicate of banks from Panama and the Central American region participate, acting as agent bank Banco Prival, SA

The project located in the municipalities of Penonomé and Antón, will be built under the EPC contract modality by Elecnor, SA and will include the installation of 20 Vestas V117 model turbines. The construction period is expected to have a maximum duration of 22 months, including the construction of 66 MW, two substations and a 27 km energy evacuation line sized for future phases, with an estimated production of 240 GWh/year.
It is worth remembering that, in January 2014, the company Parque Eólico Toabré was awarded, through the bidding process LPI-ETESA-03-13 by the State Electrical Transmission Company, SA (ETESA), a contract for the sale of energy for 15 years, in response to the Panamanian government's commitment to clean energy and the guarantee of energy supply in the country.

The plans proposed after the takeover of Audax Renovables by the Audax group continue to bear fruit and the start of construction of the project in Panama strengthens and consolidates the future of the renewable energy generation subsidiary.