MPC Energy Solutions enters Panama, with eyes on 70 MWp of solar

Low-carbon energy infrastructure developer MPC Energy Solutions (MPCES) announced today it is setting foot in the market of Panama where it, together with partners, has already identified solar opportunities with a combined capacity of 60 MWp-70 MWp.

The company said in a statement it is immediately starting work on the development of the identified ground-mount photovoltaic (PV) projects, with a plan to further grow its local pipeline both organically and through acquisitions.

MPC’s objective is to reach 800 MW of shovel-ready projects in the region by 2025 and to achieve 1 GW of sustainable energy assets across Latin America and the Caribbean by 2027.

"In line with our business strategy and geographical focus, we are dedicated to developing projects located in Panama and other Latin American and Caribbean nations,” commented Fernando Zuniga, managing director for Latin America and Caribbean.

Panama has made a commitment for 50% of its generation capacity in 2050 to come from renewables, including solar and wind. Zuniga outlined a few key drivers for the company’s decision to pick Panama, including its excellent solar irradiation, well-functioning and mature electricity market for independent power producers (IPPs), power purchase agreement (PPA) and spot market settlements in USD and, according to him, the region’s cheapest cost of debt financing.

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