Colombia welcomes solar energy project

Financing, Regulation & Policy, Renewables    Jun 4, 2019 1:36 PM

Authorities confirmed a CoP$24B loan to develop a solar park in the department of Meta. Here are the details.

The government approved a CoP$24B loan to develop the Bosques de los Llanos 1 solar park, located in the municipality of Puerto Gaitán (Meta); one of the areas with the highest solar radiation in the country.

According to Colombia’s National Development Fund (FDN), this is the first unconventional renewable energy project financed according to its needs, rather than based on the needs of the company that executes it.

Bosques de los Llanos 1 will have a 27.2MWp generating capacity, and installed capacity of 19.9MW, El Nuevo Siglo reported.

“The park will contribute to the diversification of the country’s energy matrix and mitigate the risk of water dependence, to meet Colombia’s international goals for CO2 emissions, as well as increasing the government’s unconventional renewable energy sources to at least 1,500MW of installed capacity,” the FDN explained.

According to Portafolio, the project also opens the door for new investors to enter the national market.

The project’s sponsor will be China’s Trina Solar Energy Spain, subsidiary of Changzhou Trina Solar Energy; the world’s second biggest company in solar panel production.

Bottom-line: Excellent news for Colombia, that the government and new investors decided to bet on the country’s capacity.

It should be interesting to see how this new financing modality adapts to the project, and determine its potential for using it in other projects.

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