The $300 million financing package, from the International Finance Corporation (IFC), the bank's corporate arm, is for the 215MW second and third phase of the project.
Owned by InterEnergy Holdings, Penonome will feature 86 of Goldwind's relatively new 2.5MW turbines.
The turbine order is the Chinese company's largest ever outside China.
"This financing by the IFC/World Bank highlights confidence lenders and customers place in Goldwind's 2.5MW technology," said Andrew Evans, director of structured transactions for Goldwind USA, Inc.
The 215MW, already under construction, is expected to be online in 2015. Once completed, the two phases will be able to generate 5% of Panama's electricity demand.
Cayman Islands-based InterEnergy Holdings, a private owner of electricity generating projects in Latin American and the Caribbean, since April has been the majority shareholder in UEP Penonomé II, SA , a company created to operate the project.