The LPI ETESA 01-25 tender, in addition to providing a price benchmark, clearly illustrated how the main renewable energy contracts in Panama were distributed. Four companies secured the contracts, with wind power predominating in terms of volume and hydroelectric power participating in both energy production and backup capacity.
The largest block went to PANAM , through the 01-SED-UEPPenonome wind project, which obtained 7,232,879 MWh for USD 185.1 million , with an equivalent value of USD 25.59/MWh . With this result, the company controls nearly half of the net block awarded in energy.
Following behind is COX , with the 05-SEO-SantaCruzWind1#OFT wind project, awarded 5,220,763 MWh for USD 104.7 million . In addition to securing one of the largest volumes in the process, it submitted the most competitive bid in the auction, at USD 20.05/MWh , the lowest equivalent value among the awarded projects.
That fact is not insignificant, because in addition to the awarded scale, COX was associated with the price that set the economic floor of the process.
In the hydroelectric segment, GENA obtained contracts with 04-SEO-LosNaranjos , which awarded 1,115,781 MWh for USD 29.3 million , with an equivalent value of USD 26.28/MWh and a supply commitment for 240 months .
For its part, Corporación de Energía del Istmo LTD, SA (CEISA) emerged as the most diversified player in the process. In the energy sector, the 06-SED-CEISA project secured 1,527,896 MWh for USD 41.1 million , with an equivalent value of USD 26.92/MWh .
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Furthermore, it was the only awardee in firm power, through 07-SP-CEISA , with 5.9 MW for 216 months and a contract for USD 3.93 million , at a rate of 3.08 USD/kW-month .
With this distribution, PANAM and COX concentrate the largest awarded volumes , both from wind technology, while CEISA incorporates the firm power component and GENA completes the hydroelectric participation of the process.
The technological profile also reflects this distribution. Wind power projects were awarded 12,453,642 MWh , compared to 2,643,677 MWh for hydroelectric projects within the net allocated block, confirming the predominance of this technology in this call for tenders.
In total, excluding the virtual bidder, the auction awarded 15,097,321 MWh for USD 360.2 million , with an equivalent average value of USD 23.86/MWh . With the participation of the virtual bidder, the total volume amounts to 16,186,881 MWh and the financial commitments reach USD 441.1 million .
Beyond the prices set by the auction, the results also reveal who captured the country's main renewable energy contracts and how the new map of players in the Panamanian market was distributed.
