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Goldwind Receives Order for Penonome Wind Farm in Panama

September 9, 2012 - Beijing, China

Officials with Goldwind USA Inc. and Union Eolica Panameña (UEP) announced today that the Penonome wind farm in the Province of Cocle, will feature in several phases, Goldwind’sGW2.5MW Permanent Magnet Direct Drive (PMDD) wind turbines. Equity capital has been committed for the first phase of the wind farm, representing 25% of the project, by Goldwind’s investment arm, Goldwind Capital. The full project, which is planned for operation in 2013, will be the largest in both Panama, and Central America.  Coupled with recent awards in Chile and Ecuador, the deal marks Goldwind’s fourth wind farm in Latin America.

Goldwind will be supplying, erecting and commissioning the wind turbines and power plant including the supervision of work performed by the balance of plant contractor on civil works construction, electrical and transmission interconnection to the Panamanian Electric System.

“We are thrilled to partner with UEP on this critical project,” said Tim Rosenzweig, CEO of Goldwind for the Americas. “The Penonome wind farm represents Goldwind’s commitment the central and South American markets and will play a crucial role in Panama’s impressive efforts to move towards a renewable energy future”

Throughout the past several years, Goldwind has been widely recognized for its success in globalizing operations.  The company opened subsidiaries in the United States, South Africa, Ecuador and Australia; each region staffed with experienced local wind professionals, representing Goldwind’s ethos to globalize through localization. In the United States alone, 167MW of sale and acquisition projects span 14 wind farms across 9 US states. Goldwind also has product operational, ordered or asset investments in 15 additional countries outside of China with delivered capacity over 300MW and international backlog of 221MW as of 30 June 2012.

According to its Chairman, Wu Gang, Goldwind’s internationalization strategy as well as its commitment to PMDD technology have been key components for its rapid climb to prominence in the global wind market.  "The Penonome project serves as an important milestone for Goldwind´s international growth and we are excited to be a part of it," he said.  "While we are proud of the tremendous progress Goldwind has made in recent years, we will not rest on our laurels.  We welcome the challenge of new markets and I am confident that our commitment to our people and to the ongoing development of cutting edge technology will help us surpass even our own expectations."

According to Rafael Pérez-Pire, CEOof UEP, “The efficiency of Goldwind’s advanced permanent magnet direct-drive technology and ability to meet the stringent Panamanian grid code requirements, make the Goldwind turbine an ideal fit for the Penonome site.”

The project will strengthen the country’s energy matrix, complementing the existing technologies and creating more balance and security to the national electrical system.

Terms of the deal were not disclosed.

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