Canadian solar photovoltaic (PV) giant SkyPower intends to invest $1bn in developing 500MW of utility-scale solar projects in Panama.
Over the next five years, the investment is expected to create more than 10,000 job opportunities in the country.
Prospective projects are also likely to broaden the scope in Panama for exporting locally manufactured solar panels.
Panama Ambassador to US Emanuel Gonzalez-Revilla said: "We welcome the announcement from SkyPower and look forward to working together to bring US investment dollars for clean energy and green jobs to Panama."
SkyPower also intends to set-up a solar and environmental research centre in Panama, which is likely to involve an investment of $50m.
The centre will be developed in partnership with several universities and research institutions and will be focused on solar photovoltaic innovations, as well as research and innovation in environmental sciences.
Once developed, the facility is expected to open access to significant licensing revenues in the country.
SkyPower president and CEO Kerry Adler said: "SkyPower invests in countries that uphold environmental sustainability and preservation while advancing their economies and industries.
"The future of Panama looks bright, as the leadership of Panama is clearly focused on the need for clean renewable energy and has embraced solar as a cost-effective means of addressing Panama’s energy needs today, and as a critical part of its generation mix for its bright future."
The firm has agreed to form a joint venture in August with Mexican Grupo Uribe for developing integrated pipeline of utility-scale solar PV projects in Mexico.
Image: SkyPower president and CEO Kerry Adler and Panama President Juan Carlos Varela. Photo: courtesy ofSkyPower.