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A mountainous area in Panama with strong winds is the test site for a windmill farm. Test windmills have been erected between 1,000 and 1,400 meters above sea level on a land concession near three peaks in Panama’s central mountains. Santa Fe Energy states that the site in question has winds of 12 meters a second velocity which would allow energy production of 115 megawatts. This is enough power to supply the needs of 300,000 people.

According to La Prensa, Panama, May 11, 2008, “High in the mountainous regions of Veraguas, Coclé and La Chorrera, winds turn the blades of energy-generating windmills reaching 50 and 100 meters tall. The white giants are part of a pilot program that seeks to popularize wind power generation in Panama.

“The test windmills are on loan from Santa Fe Energy, S.A. and Enrilews, the two companies that have previously organized studies on the country´s wind energy potential. The project has progressed despite skepticism about the wind´s reliability as an energy source and the complaints of residents who feel the windmills mar the natural landscape.”

Santa Fe is a US energy corporation and Enrilews is a Spanish investment company. The winds near the peaks of Cerros Tute, Delgadito and Cabeza de Toro are said to have the highest winds in Panama. Santa Fe is investing $133 Million USD in the test project according to La Prensa.

Enrilews is active in its own right in testing windmill sites in Panama with test sites in Cocle Province at Toabré and La Chorrera. Enrilews estimates that these potential windmill sites could generate up to 400 megawatts.

La Prensa notes that, “The Autoridad Nacional de los Servicios Públicos (Asep) has granted Enrilews permission to generate up to three thousand megawatts, from a designated eight points across the country. One of those windmill farms had been planned for El Harino. However, after wind studies in the area and a comparison of potential profits, Enrilews scrapped that particular location.
Nonetheless, [Enrilews] is convinced that the other seven points identified as consistent sources of wind energy will keep the windmills productive year round.

In addition to these projects Enrilews has approvals to conduct studies in Boquete, Volcán, Veraguas and Colón.

Clean Energy in Panama

Besides giving permission for windmill test farms Panama has and is developing hydroelectric power on the Chiriqui River. Even though fuel costs have plummeted with global credit problems it is likely that the demand for energy from India and China will gradually raise the cost of petroleum products again. Thus Panama is wise to invest in clean energy.

The windmills in Panama’s central mountains are only part of Panama’s forward thinking. Panama has a number of mega projects in the works which currently create jobs and will with time provide the basis for a stronger economy with greater productivity as lower cost.

Investment in Panama

Panama investment is already strong in that Panama has the highest per capita rate of foreign investment in Latin America. With a growth rate for almost a decade bordering on or over 10% Panama has rewarded investment with timely profits and growth of investment value.

Currently the high end of the housing market is offering good deals for those paying attention. Over time commercial real estate investment in Panama will continue to provide rental profits and real estate appreciation with the growth of Panama’s economy.

If you are interested in investment in Panama contact us at ABPanama. We do not operate windmills or hydroelectric plants but we have managed real estate portfolios for over 23 years.