The International Finance Corporation, a member of the World Bank, is providing a $300m financing package to help build Phase 2 and 3 of the 215MW Penonome wind farm in Panama.

The second and third stages of the 86-turbine project, the largest in Central America, are owned by InterEnergy Holdings.

“IFC has been a long-term partner for InterEnergy, with previous investments that are supporting more reliable energy production in Latin America and the Caribbean,” said InterEnergy Holding director Michael Bax.

“This financing reflects a strong commitment to further developing Panama’s infrastructure, particularly clean energy production, as a strategic priority in the country.”

The funding will be made up of $80m in senior loans from IFC’s account, a $60m senior loan from its Managed Co-Lending Portfolio Program, and $144m in syndicated senior loans from other institutions and Panamanian banks. In addition, IFC will provide a subordinated loan of $16m from its own account.