$70 Million is the Investment in Panama’s New Solar Park
Panama formally inaugurated the Santiago Solar Park, a $70 million investment by the Naiad Renovables Group with a capacity to produce 86,333 megawatts peak (MWP), providing a new boost to renewable energy in this country, where the photovoltaic and wind energy segments accounted for 12.9% of total electricity generation in 2024. The Ministry of Commerce and Industry (MICI) reported Tuesday that the “Santiago Solar” project has a long-term contract with the Enel Group (Italy) and is located in La Mesa, Veraguas province. It features more than 130,000 bifacial solar panels and has generated more than 300 jobs and the planting of 15,000 native seedlings, as part of the environmental component of the renewable energy project.
Deputy Minister of Foreign Trade Astrid Ábrego, pictured above, emphasized that the necessary conditions are being created for more investment to come to the country
Naiad Group spokesperson David Sanmartín Catalán explained, according to a statement from the Ministry of Energy and Mines (MICI) that the project was carried out with the support of local banks and has a long-term power purchase agreement with the Enel Group, which guarantees financial and operational stability for the initiative. “Panama is a safe country to invest in. This experience has only confirmed this. There are difficulties like any other country, but here the institutions work, there is committed human talent, and enormous development potential,” said the representative of the Naiad Group, which has a presence in Spain, Italy, the United Kingdom, Chile, Panama, and Guatemala, according to company data.
In this regard, the Vice Minister of Foreign Trade, Astrid Ábrego, asserted that the authorities are creating “the necessary conditions for more investments” like the ‘Santiago Sola’ project to reach the country, as they promote “stability, simplification, strategic incentives, and ongoing dialogue with the private sector to make Panama a world-class green energy hub.” According to data from the National Energy Secretariat cited by Mici, in 2024 the national interconnected system reached a total electricity generation of 13,096.36 gigawatt hours, with hydroelectric plants as the main source with a contribution of 59.69%, followed by natural gas (17.13%) and renewable energies (solar and wind) with a contribution of 12.92%. According to data from the Public Services Authority (Asep), there are at least 49 solar installations in Panama that will produce 7.7% of the country’s total electricity by 2024.
