Enel Green Power Panama (EGPP) and the National Bank of Panama (Banconal), the country’s largest state bank, have signed a Power Purchase Agreement (PPA) to provide 31,000,000 kWh of renewable energy to five branches of the financial institution for a period of five years.
Having served the people of Panama for more than 115 years, Banconal now plans to substantially reduce its power costs and, at the same time, add renewable energy to its supply chain, reinforcing its contribution to the environment as a pillar of the Bank’s Sustainability Strategy.
In 2019, Banconal started handling its energy procurement activities in line with its sustainability policy. Enel Green Power Panama has won the contract for this exceptional energy supply project, leaving 31 other companies out of competition.
The bidding process was performed in accordance with the “Organic Law” of the National Bank and EGPP succeeded following the submission of the most competitive bid. As a result, Banconal becomes a major customer, with demand in excess of 100 kW at five of its premises.
“In our organization we have a commitment to environmental sustainability and we are working non-stop to foster kinder ecosystems that use renewable energy. This is why we have signed this agreement with Enel Green Power Panama for the supply of electric energy from renewable sources. The agreement will also provide significant savings that will contribute to the wellbeing of all Panama’s citizens. If we take care of nature, nature will take care of us; if we protect Mother Nature, she will protect us.Javier Carrizo Esquivel, general manager of the National Bank of Panama.
“Supplying sustainable energy to an entity like Banconal is further confirmation of Enel Green Power’s commitment to building a future based on renewables. We are thus supporting Panama’s energy transition and contributing to achieving the country’s national decarbonization goals. We are proud to work with a renowned financial institution such as the National Bank and to contribute to building its vision of a successful future based on sustainability.”Bruno Riga, head of Enel Green Power Central America.