The construction of the La Villa and La Victoria solar PV plants has commenced in the Republic of Panama, which will provide electricity to the grid. These are the first renewable energy generation projects initiated by Entoria Energy in partnership with Arquitectura y Concreto (AyC), a prominent Colombian construction company with a thirty-three-year track record in the construction sector.
“Panama is an attractive market, with a sophisticated electricity grid and regulator”, explains Vincenzo Fagiuoli, CEO and founder of Entoria Energy.
As part of their collaboration, Entoria and AyC aim to undertake 100 MW of projects in the coming years. “Renewable energy projects are the future and a logical diversification of our traditional real estate business,” says Francisco Martínez, President of Arquitectura y Concreto.
These developments have been financed with debt from Banco Davivienda Panama for a total amount of approximately USD 20 million. “At Banco Davivienda, we reaffirm our commitment to sustainability and Panama’s sustainable future. We firmly believe that financing renewable energy projects is essential to progress in the transition to a low-carbon economy. We are investing in the future by supporting projects that not only generate clean energy but also promote economic growth and job creation in our country. As a bank, we are proud to be part of the solution and contribute to a more sustainable Panama; at Davivienda, we work every day to make the world a more prosperous, inclusive, and green home,” says Carlos Rojas, Executive President of Banco Davivienda (Panama).
The La Victoria project is located in the Herrera Province. It will be comprised of 18,414 modules capable of generating a total annual energy of 18.55 GWh, equivalent to supplying electricity to over 3,000 households with an average consumption of 500 kWh.
On the other hand, the La Villa project, situated in the Los Santos Province and consisting of 20,790 modules, will have the capacity to produce a total annual energy of 24.21 GWh, which is equivalent to providing electricity to more than 4,000 households that exceed the average consumption of 500 kWh.
Both projects are authorised to provide electric power generation services in the country, and the energy generated will be purchased by various Panamanian companies. Thanks to the development of these projects through the strategic alliance between these major companies: Entoria Energy, Banco Davivienda Panama, and Arquitectura y Concreto, it is estimated that they will provide electricity to the grid and contribute to the sustainable energy development of the country.
Vincenzo Fagiuoli (CEO Entoria Energy)
Vincent Bakker (CFO Entoria Energy)
Jamilette Guerrero (Country Manager)