Panama solar capacity expansion in 2024
In 2024, Panama significantly expanded its solar power capacity by adding 143.4 MW of new solar installations. This impressive addition brings the country’s total installed solar capacity to 596.5 MW, as reported by the National Authority of Public Services (ASEP).
Steady growth in Panama solar capacity over the years
Panama has seen consistent growth in its solar energy sector over recent years. In 2018, 10 MW were added, followed by 44 MW in 2019 and 106.3 MW in 2020. Although the increases were more modest in 2021 and 2022, with 2.5 MW and 1.7 MW respectively, the trend has been upwards. These efforts are part of Panama’s broader renewable energy strategy, which includes a mix of hydroelectric, wind, biomass, and solar power.
Panama solar capacity and its role in the national energy mix
Solar power now accounts for 5% of Panama’s total installed electricity capacity and contributes to a remarkable renewable energy share of 72%. This includes a dominant 62% from hydroelectric power and 5% from wind energy. In 2024, solar energy produced 118 GWh, representing 1.9% of the country’s total electricity generation.
Meeting sustainable energy goals through Panama solar capacity
Panama’s total renewable energy capacity has reached 2,128 MW, with solar power playing a crucial role in meeting the country’s energy needs sustainably. The expansion of solar energy is expected to continue, further reducing reliance on fossil fuels and enhancing the resilience of the national grid.
As part of ongoing efforts to expand renewable energy, initiatives like SolarBank Corporation’s projects in North America offer valuable insights. SolarBank’s development of a 2.9 MW solar project in Gainesville, New York, reflects a broader strategy of expanding renewable energy portfolios and supporting local communities with sustainable solutions. By leveraging domestic content requirements and incentives, such projects exemplify how solar initiatives can thrive and benefit communities both economically and environmentally.
For more insights into global solar energy trends and developments, visit PV Know How.