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PANAMA - Green Economy

Juan Andrés

CEO, Nsolar

Bio

Juan Andrés Navarro is the CEO of NSolar, a leading energy technology company in Panama and the region. He is also Director of the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) and the Panamanian Chamber of Solar Energy.

"In distributed generation, demand has been strong."
How has demand for distributed generation evolved since 2017, when the company first started?

In distributed generation, demand has been strong. When we first started the company in 2017, many thought we were crazy, as solar panels did not make sense at the time; however, since then it has been one of the hottest new markets. We are seeing a great deal of competition, not only locally but also internationally as well. First, government regulations and the law for DG have been extremely generous. Panama has one of the best and most pro-consumer policies for this type of energy. Another pillar that contributes positively to this growth is that banks are also taking the industry seriously. Now every single bank in Panama offers leasing or financial help for not only commercial solar projects but also residential ones as well. The third aspect is that energy in Panama is extremely expensive. Therefore, the return on investment in solar energy in Panama is significantly faster compared to other countries.

Can you elaborate on the projects you are working on now?

We have a sustainability policy in our company. It is more internal and deals with, for example, paper and plastic recycling. We do focus on ESG. Since we are a company that sells solar panels, we are a sustainable company because of the product that we deliver; however, one of our main focuses—and the reason why we founded the Chamber of Solar Energy—is to provide solar energy for everyone. There is a large income gap here, and for people that do not have many resources, installing solar panels is almost impossible. Therefore, as part of our funds that we have set aside for ESG, we go out to communities such as El Palmar Abajo. It is a small community with no access to electricity. We got our entire team to these communities and install solar panels for free. We install two solar panels per house, and we add five or six light bulbs and an electric socket because they would have no electricity otherwise. We have been doing this for three years now, and the transformation in their lives has been unbelievable. Children can now study even at night.

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