Enel secures 5-year renewables PPA in Panama

Enel Green Power SpA announced on Thursday it has secured a contract to supply a total of 31 million kWh of clean energy in Panama over five years.

Enel Green Power Panama (EGPP) has signed a power purchase agreement (PPA) with state lender National Bank of Panama (Banconal). Under its terms, the Panamanian subsidiary of Italy’s Enel SpA (BIT:ENEL) will energise five of the bank’s branches, allowing Banconal to achieve an energy saving target of about EUR 420,000 (USD 496,000), the energy company said.

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EGPP secured the PPA by making the most competitive offer, among 31 other companies, in a competitive process held by the financial institution. Banconal is now a large-scale client with consumption exceeding 100 kW at five of its premises, Enel noted.

EGPP has a combined capacity of 362 MW of solar and hydropower in Panama, according to EGP's website.

(EUR 1 = USD 1.180)