GALA advised on the sale of phase one of the Penonome wind farm project located in Panama

Galindo, Arias y Lopez advised Goldwind International Holdings (HK) Limited and Goldwind International Penonome, S.a.r.l. in the sale to AES Panama, S.R.L. of their equity interests in UEP Penonomé I, S. R.L., the entity that in 2013 developed and currently operates the first wind farm in Panama with a power of 55MW.

The wind project is located in the province of Cocle, on Panama’s southern coast, and consists of 22 Goldwind GW109/2500 permanent magnet direct drive turbines, generating clean and renewable energy.

In addition to the usual complexities involved in this type of deals, this particular transaction presented additional challenges as the closing involved providing deliverables from multiple jurisdictions (America, Asia and Europe) under the restrictions implemented both in Panama and abroad as a result of the Covid-19 Pandemic, regarding personal mobility, authentication and filing of documents, imposing on the parties the need to be flexible and creative regarding certain conditions and requirements in order to achieve it.

This transaction was co-led by partners Salomón Behar and Cristina Lewis and principally included the participation of associates Claudia Juárez, Anna Cristina Valdés and Gabriela Vásquez.