Off to Panama! We are expanding our portfolio in Latin America

We start the new year with a real bang: We are expanding to Panama! Just a few months after entering the Chilean market, we are once again expanding our presence in Latin America, making our Solar-as-a-Service solution available to even more companies in even more countries. But what distinguishes this beautiful country, which is located in the direct neighborhood of our established market Costa Rica? And what projects can you already look forward to?

A country that connects

We have all heard of it, the Panama Canal. Well over ten thousand ships pass through it every year, making it one of the most important waterways in the world and one of the country’s strongest economic forces. But Panama not only connects the Atlantic with the Pacific through the canal, but also Central America with South America by land. This unique location makes Panama a true hub for a wide variety of goods and contributes to a thriving, strong economy. This stable economy with its many small, large and medium-sized companies in turn ensures that Panama is a market with a lot of potential for us. Because many businesses means many potential customers for our solar energy solution.

In addition to breathtaking nature and a famous canal, one thing in particular can be found in Panama: perfect conditions for the development of solar energy. This is precisely why we are now pleased to be active in this market with our own solar projects.

Markus Schwaninger, CFO

On the way to a sustainable energy supply

A growing economy is always accompanied by an increasing demand for energy. This is also the case in Panama. In order to meet not only the growing demand but also the general consumption of electricity in a sustainable way, Panama has decided to rely more on renewable energy and to significantly reduce the use of fossil fuels. In 2050, the country aims to obtain 70% of the energy produced from renewable sources such as wind power, solar energy and hydropower. Currently, this share is just under 53%.

In addition, Panama plans to abandon the use of coal and heavy oils for energy production as early as 2023 and to focus more on clean energy and climate protection in other areas of life with an energy transition initiative. For example, the transport sector is to be electrified and the energy refurbishment of private households is to be promoted. After all, in a country that will be severely impacted by the effects of climate change, switching to climate-friendly practices is already a top priority.

Solar energy on the rise

The share of solar energy in Panama’s electricity mix has increased significantly since 2014 and, thanks to government support, will continue its strong growth in the coming years. We want to promote this development with all our might and are convinced that this does not only require large solar farms, but that the private sector must also be involved and switch to solar energy.

That is why we have set ourselves the goal of supplying industrial and commercial enterprises in Panama with inexpensive and clean solar power and to fight climate change.

We are incredibly excited to soon expand our Impact to a new market in Central America and offer businesses in Panama the opportunity to significantly reduce their electricity costs through the use of clean solar energy.

Ravi Sahai, Regional Director Latin America & The Caribbean

Projects for Panama

Our sales team for Central America, consisting of the experienced Regional Director for Latin America & the Caribbean, Ravi Sahai, and Regional Sales Assistant Claire Moy De Lacroix, have given their all over the last few months to make our entry into the Panamanian market as successful as possible. And they had complete success. Already three projects have been signed and will be unlocked for investment in the coming weeks and months. We are sure that many more great projects will be added in the near future. We will keep you informed about the latest developments on our website and in our newsletter.

However, we already want to introduce the first project that will be published for the crowd in a few days: It is a nearly 700 kWp ground-mounted solar plant for Hielo Cristal, one of Panama’s largest producers and suppliers of utility-scale ice. The ice cubes of Hielo Cristal, which operates eight different locations across the country, are primarily used or resold in the restaurant, wholesale food and retail sectors. Using the power of the sun to make ice may sound like a paradox, but it will soon become a reality. We are looking forward to it and hope that you will also enjoy our new store and the exciting projects there.

Be on the lookout for more projects in Panama on the project page in the coming weeks!