Panama officially launched the new “Santiago Solar” ☀️⚡️ park last week— a $70 million project by the Naiad Renovables Group with the capacity to generate 86,333 megawatts peak (MWP). This marks another step forward for renewable energy 🌱 in the country, where solar and wind made up 12.9% of total electricity generation in 2024 (and 60% from hydro).
According to the Ministry of Commerce and Industry (MICI), the plant is located in La Mesa, Veraguas, and operates under a long-term agreement with Italy’s Enel Group 🇮🇹.
Naiad Group spokesperson David Sanmartín said the project was backed by local banks and secured through a long-term power purchase deal with Enel, ensuring its financial and operational viability. Naiad Group, headquartered in Mallorca, Spain 🇪🇸 operates in several countries, including Spain, Italy, the UK, Chile, Panama, and Guatemala.
Vice Minister of International Commerce Astrid Abrego noted that Panama 🇵🇦 is well-positioned to attract more projects like Santiago Solar, thanks to its stable investment climate, streamlined regulations, strategic incentives, and open communication with the private sector.
Panama’s Electricity Mix
According to Panama’s Public Services Authority’s (ASEP) semiannual report, total gross generation in Panama during 2024 was 13,147.04 GWh with 60% coming from hydropower, 27% from thermal sources (gas, coal, fuel oil, etc.), 7.8% from solar ☀️(6% in 2023) and 5.1% from wind 💨. Solar power generation in Panama increased with 17% in 2024 compared to 2023.