Entropy Investment Management has acquired a Panama-based utility scale solar energy portfolio from Hanwha Q CELLS USA. No financial terms were disclosed.
PANAMA CITY, Panama, Sept. 11, 2015 /PRNewswire/ — Hanwha Q CELLS USA, an international solar developer and solutions provider, announces the sale of 33 megawatts of utility scale solar in Panama. Hanwha Q CELLS USA is joined by development partners Renventure (local partner), SEMI (Engineering, Procurement and Construction), ASEP (Panama public service agency), ANAM (Panama environmental authority), and EDEMET (transmission company).
The 33MWdc of Solar Photovoltaic Projects are located on 200 acres of idle grazing land on three sites in the Hererra, Cocle and Los Santos Provinces in the Republic of Panama. Development took two years and was fully realized without federal, state, local or corporate incentives. Hanwha began funding construction early this year. Affiliates of Entropy acquired a 100% interest in the projects and will fund equity during project construction.
Hanwha Q CELLS USA President Moon Hwan Cha remarked: “Hanwha Q CELLS is proud to have brought solar energy development and financing capabilities to the Panama market and expand local clean renewable energy.” The project will use Hanwha Solar HSL polycrystalline modules, manufactured with an industry leading quality and performance. The Solar Farm will operate for 30 years and reduce CO2 emissions by more than 36,800 metric tons per year – equal to the annual carbon emissions of more than 7,800 passenger cars.
Tyler Fauerbach, Entropy Managing Director remarked that, “with this acquisition, Entropy will be the largest operator of clean, renewable solar power in the Republic of Panama, one of the fastest growing and significant economies in Latin America”, Fauerbach went on to state that, “These assets will have a significant impact in providing Panama with inexpensive, reliable power and reduce Panama’s reliance on volatile oil and hydro generation.” Entropy will manage the construction and operation of the projects, and hopes to have them placed in service by the end of the year.
About Hanwha Q CELLS USA
Hanwha Q CELLS USA designs, builds and manages financially sustainable solar photovoltaic (PV) solutions. The company brings a decade of global leadership in solar PV to North and Central America, combining best-of-world technology, processes and partnerships to deliver utility-grade solar PV solutions customized for local energy markets. Hanwha Q CELLS USA offers the full spectrum of PV solutions ranging from power plant development, engineering design, construction, project finance, operations and maintenance. With proven capabilities across the solar value chain, Hanwha Q CELLS USA minimizes uncertainty and risk, and helps customers achieve a higher return on their investment in solar energy. Hanwha Q CELLS USA is an affiliate of Hanwha Group, Fortune Global 500 Company. To learn more about our headquarter capabilities in solar; please visit our group page at http://www.hanwha.com/en/products_and_services/solar_energy.html.
Renventure is a Panamanian based company providing development and consultancy services to power plant operators and private investors. With more than 20 years of international track record in PV, Mini-hydro and Wind.
Entropy Investment Management is a specialty energy investment and management company that engages in asset finance, private equity investments, and arbitrage investments primarily in renewable and alternative energy in North and South America and the Caribbean.