Panama formally inaugurated the Santiago Solar Park, a $70 million investment by the Naiad Renovables Group with a capacity to produce 86,333 megawatts peak (MWP), providing a new boost to renewable energy in this country, where the photovoltaic and wind energy segments accounted for 12.9% of total electricity generation in 2024.
According to data from the Public Services Authority (Asep), there are at least 49 solar installations in Panama that will produce 7.7% of the country’s total electricity by 2024.
Vice Minister of International Commerce Astrid Abrego noted that Panama is well-positioned to attract more projects like Santiago Solar, thanks to its stable investment climate, streamlined regulations, strategic incentives, and open communication with the private sector.
According to Panama’s Public Services Authority’s (ASEP) semiannual report, total gross generation in Panama during 2024 was 13,147.04 GWh with 60% coming from hydropower, 27% from thermal sources (gas, coal, fuel oil, etc.), 7.8% from solar (6% in 2023) and 5.1% from wind .
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