Power Analytics, and our partner Wizard Engineering International Corp. (“PAC Team”), are pleased to present USTDA and the Parque Solar Panama Project executives with our response to the Request for Proposal (RFP) for a feasibility study, including conclusions and recommendations. The main goals of this study are:
- To validate the requirements for solar resource capability to meet the 9.9 MW first stage generation requirements;
- To develop a comprehensive financial model that covers the full life-cycle of the project;
- To prepare an in-depth environmental impact study to obtain approval from Panama’s Ministerio de Ambiente; and,
- The final objective would be to provide outputs sufficient to demonstrate to financial institutions that the technical, economic, and environmental fundamentals of the project are sound.
The objective of the Arco Seco Solar Power Project is to support the development of a 39.6 MW solar photovoltaic project in central Panama. The Arco Seco Solar Power Project is expected to be among the first utility-scale solar projects in Panama. The Project site is in one of the areas of Panama with the highest solar irradiation. The Project would be built in four phases of 9.9 MW each.
This project will help Panama meet growing demand for electricity. Although the number of solar PV installations in Panama is low, capacity is expected to increase quickly in coming years, consistent with an attractive solar resource in the country and governmental policy (through tax exemption and other incentives) to promote solar PV. The Panama government has made expanding renewable energy capacity a policy priority, and have eliminated transmission and distribution charges and provided tax incentives.