The company signed a power purchase agreement (PPA) Friday last week with state-owned grid operator Etesa.
It is believed the project will use Gamesa turbines. However, this has been denied by Fersa who said "the decision had not yet been made".
Toabré, located in the central Coclé province, is set to become the second wind farm to be built in the country. The first is the nearby 55MW Penonome I wind project by fellow Spanish developer Unión Eólica Española, which clinched financing in August 2013.
Panama is a key part of Fersa's international expansion bid. The company now hopes to get PPAs both for the 123MW second phase of Toabré and for its 105MW Antón project, also in Coclé.
Toabré was initially scheduled for connection in 2012. Due to land-related administrative delays state agencies granted the project permit a two-year extension. Similar extensions have been granted to many other wind developers in the country, where licensed and advanced projects exceed 1.8GW.