The proposed investment would create 10,000 total job years in the country, as well as an opportunity to export 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 plans to build a solar and environmental research center in the country with an investment of around $50m.
The research center will be built in partnership with several universities and research institutions to advance solar photovoltaic innovation, as well as research and innovation in environmental sciences, SkyPower said.
This facility is expected to generate significant licensing revenues for Panama.
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."
Last week, the company has unveiled its plans to develop 2GW of solar energy in Bangladesh with an investment of $4.3bn. The projects are expected to create more than 42,000 total job years in the country.
The company is also developing 200MW projects in Djibouti with an investment of $440m.
Image: SkyPower president and CEO Kerry Adler and Panama President Juan Carlos Varela at the 70th United Nations General Assembly in New York. Photo: courtesy of SkyPower.
