Compañía Española de Financiación del Desarrollo, COFIDES SA will take a stake of up to 17.8% of the share capital of the subsidiary of Genera Avante in Panama, to build two hydro-electric plants in this country. The operation will be structured through the Fund for Foreign Investment (FIEX) and COFIDES own resources, up to a maximum of €24m

Genera Avante will build and operate two passive hydro-electric power stations in the Chiriqui province that will add 85MW of installed power one of which is already operational and reaches 51.6 MW of installed power.

This is the third operation in which the two companies have collaborated after COFIDES participated in the development of a wind farm of Genera Avante in Panama and the Dominican Republic. This project had a considerable pull effect on the Spanish economy, since both the civil works and construction of the tunnels of this investment involved Spanish companies

Genera Avante was established in 2007 and is dedicated to the promotion and development of renewable energy projects. It has current projects operational in Spain and Panama as well as in Brazil, Canada and the Dominican Republic.

COFIDES is a combined private-public concern, which since 1988 has provided financial support to Spanish enterprises abroad. COFIDES manages the FIEX and FONPYME funds on behalf of the State Secretariat of Commerce, within the Ministry of Economy and Competitiveness. The stockholders include the Bank of Bilbao Vizcaya Argentaria (BBVA), Santander Bank, Popular Bank, Sabadell Bank and CAF-Development Bank of Latin America.

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