The company is to supply 22 2.5MW turbines to the Penonome project, which is located in Cocle province on the country's southern coast. According to Goldwind, the 55MW is the first phase of an plan to build the project up to 220MW by 2014.
Goldwind received the deal to build the Panama project in September last year.
The project is to be closed via a $71 million 10-year facility from Banco Internacional de Costa Rica (BiCSA) and Banco Espirito Santo de Investimento.
The full $440-million project will supply some 7% of Panama’s electricity needs, UEP has previously told media.
Speaking about the deal, Goldwind USA CEO Tim Rosenzweig said: "This financing demonstrates the commitment by the sponsors, the bank group and the Government of Panama to the realisation of wind power in Panama. Goldwind is excited to play a critical role in developing the nation's first wind farm."
Onshore capacity factors in the central American region can be as high as 40%. However, the region is lagging behind Brazil and Mexico in terms of capacity.
Other Latin American producers include Costa Rica (132MW), Caribbean (91MW), Nicaragua (73MW), Dominican Republic (33MW), Guadeloupe (27MW), Colombia (20MW), Cuba (12MW), Ecuador (2MW), and Martinique (1MW).