MPC Energy Solutions has made a strategic move into the ground-mounted solar market in Panama, situated in Latin America. This bold venture demonstrates MPC's commitment to sustainable energy development and its intention to tap into the region's vast potential.
With the support of its partners, MPC Energy Solutions has already identified suitable sites and assessed the grid connection capacity, paving the way for the development of projects with a combined capacity ranging from 60MW to 70MW. These development works are set to commence immediately, with plans to further expand the local pipeline through both organic growth and strategic acquisitions.
By embarking on these new ventures, MPC aims to achieve its ambitious target of having 800MW of ready-to-build projects in the Latin American region by 2025. Furthermore, the company envisions reaching an impressive 1GW of sustainable energy assets across Latin America and the Caribbean by 2027, showcasing its dedication to the energy transition.
Fernando Zúñiga, the Managing Director of Latin America and the Caribbean at MPC Energy Solutions, emphasized the company's business strategy and geographical focus, stating, “We are committed to developing projects in Panama as well as other nations in Latin America and the Caribbean.” Zúñiga expressed excitement over the expanding pipeline, viewing it as a significant step toward expediting the region's energy transition.
Zúñiga highlighted several factors that make Panama an attractive market for MPC's solar expansion. First and foremost, the country boasts excellent solar irradiation, providing optimal conditions for solar energy generation. Additionally, Panama's electricity market is well-established and mature, offering opportunities for independent power producers, power purchase agreements (PPAs), and spot market settlements conducted in USD. Lastly, the region provides access to the most affordable cost of debt financing, further strengthening the economic viability of MPC's ventures.
MPC Energy Solutions' entry into the ground-mounted solar market in Panama signifies a crucial milestone in the company's pursuit of sustainable energy development. As the company continues to drive progress in the region, its efforts are expected to propel the energy transition forward and create a more sustainable future for Latin America and the Caribbean.
