German renewables developer PNE has established a new base in Panama that will serve as headquarters for its push into the wider Central and Latin American markets.

As part of the move PNE has also taken over five unnamed projects from compatriot InnoVent, some of which are at the “advanced stage of development”.

Some of the projects, which are understood to include wind farms, have full permits as well as grid connections.

“PNE is counting on the market and the increasing demand for renewable energies. The electricity generated in the projects after commissioning will be marketed via direct power purchase agreements under private law, as no tenders are expected in Panama in the near future,” the company said.

The expansion is part of a so-called “scale-up” strategy that now sees the company operating in 14 different markets.

Chief executive Markus Lesser (pictured) said: “In Latin America, we see great potential for the expansion of renewable energies – both in wind energy and in photovoltaics.

“Therefore, this step means the consistent implementation of our strategy in a promising region.”