Hanwha Q CELLS has sold solar assets for total capacity of 33 megawatts peak in Panama to affiliates of Entropy Investment Management.
The acquisition will make Entropy the largest operator of clean, renewable solar power of Republic of Panama. The country has one of the fastest growing economies in Latin America.
Entropy will carry on developing the projects on idle grazing land in the provinces Hererra, Cocle and Los Santos.
Hanwha started development of the project two years ago and began funding construction earlier this year.
The US-based unit of the company worked with local partner Renventure, engineering, procurement and construction (EPC) contractor SEMI, Panama public service agency ASEP, Panama environmental authority ANAM and power transmission company EDEMET on the project portfolio.
Solar HSL polycrystalline modules of Hanwha are being used in the projects which will generate adequate electricity to power about 15,000 local households annually over the next three decades.
When the project becomes operational in toward the end of 2015, the output of Entropy would be adequate to offset more than 36,800 tons of carbon dioxide emission annually.
It will also help reduce the country’s dependence on oil and hydropower generation.
In another development, Hanwha Q CELLS has founded a subsidiary — Hanwha Q CELLS SAS — at Aix-en-Provence, France.
The company has also opened a 5,000-square-meter warehouse at Lyon. The steps have been taken to “flexibly serve customers in France through its growing installer network”.
Currently Hanwha Q CELLS has more than 50 certified installer partners in France.
Ajith Kumar S