Panama wind farm company issues USD-200m green bond

September 27 (Renewables Now) - Parque Eolico Toabre SA (PET), a company that owns the Toabre wind farm in Panama, has issued a USD-200-million (EUR 189.3m) corporate green bond programme on the Panama stock exchange, a shareholder announced on Tuesday.

Spanish renewables company and power and gas supplier Audax Renovables SA (BME:ADX), which owns a 30% stake in the 66-MW wind farm, said that the issuance has been certified by the Climate Bonds Initiative.

Proceeds from the issuance will be used to lower the financial cost of the debt associated with the project, Audax said.

The Toabre wind farm, equipped with 20 Vestas turbines, has been in operation since 2022. It supplies electricity under three power purchase agreements (PPAs) with energy distribution companies in Panama.

The project was designed to be divided into three phases. The turbines that are currently standing in the village of Toabre make up the 66-MW phase I. The second and the third phase are to each bring 22 MW of installed wind power capacity.

(USD 1.0 = EUR 0.946)