Cox has been awarded a 20-year contract to supply wind power in Panama , with projected revenues exceeding USD 350 million . The agreement will be fulfilled through Santa Cruz Wind , a new wind farm with an installed capacity of 68.4 MW.
The contract resulted from a competitive bidding process initiated by the Electric Transmission Company (ETESA) and involves the delivery of approximately 5.22 TWh over the term of the agreement. The electricity will supply part of the demand of the country's main distributors.
Santa Cruz Wind will consist of 12 wind turbines and will have an estimated production of 260 GWh per year. The contract guarantees the commercial sale of the energy for two decades and provides predictability to the project's revenue.
The addition of this capacity will allow Panama to diversify its energy mix and reduce the system's reliance on generation sources subject to fuel price volatility. It will also strengthen the supply through energy produced by a new renewable energy plant.
For Cox, the award expands its portfolio of long-term contracts and solidifies Panama as one of the core markets of its regional strategy. The company integrates the country into its Central Arc platform, which also includes Central America, the Caribbean, Colombia, and Ecuador.
“Santa Cruz Wind is a flagship project for Cox in Panama and a significant milestone within our Central Arc regional platform,” said Martín Sucre Champsaur , the company’s Regional Manager for that area.
The executive noted that the contract consolidates Cox's commitment to wind energy and to the development of sustainable, competitive, and long-term infrastructure in the region.
In addition to supporting the construction and operation of the park, the agreement reduces the commercial risk associated with the project. The advance purchase of its production offers greater financial stability compared to direct exposure to the electricity market.
The transaction also strengthens Cox's position as an integrated utility, with involvement in the development, construction, and management of energy and water assets. Its strategy seeks to combine its own infrastructure with contracts that guarantee revenue over extended periods.
Panama gains importance in Cox's regional strategy
The award comes at a time when Cox is looking to expand its presence in Central America and the Caribbean through a diversified portfolio of renewable projects and long-term supply commitments.
Panama occupies a relevant place in that plan due to its electricity demand, its position within the regional energy market, and the need to incorporate new generation capacity to accompany the growth in consumption.
Santa Cruz Wind will allow the company to add a contracted wind asset to its platform and expand its exposure to a technology that can complement the hydroelectric and solar power generation available in the country.
The projected annual production of 260 GWh implies a capacity factor of approximately 43%, according to the data released for the project. The cumulative volume over the 20 years coincides with the approximately 5.22 TWh committed in the tender.
The contract, valued at over USD 350 million, provides a long-term commercial foundation for a park that will contribute new renewable energy generation to the Panamanian grid. With this award, Cox strengthens its regional portfolio and advances its goal of consolidating assets capable of combining growth, financial predictability, and renewable electricity supply.