Foreign Investment in Renewable Energies

Company News    Jul 1, 2021 4:06 PM

ProColombia talked about foreign investment in renewable energies in recent years.

The country has received around US$7.5B in foreign investment in renewable energy generation, La Republica reported.

ProColombia said that international companies are increasing their interest in the Colombian market to invest in renewable energy projects.

The entity said that seven projects with investments of US$446M arrived in 2018; 17 projects valued at US$1.6B in 2019; and 24 with investments for US$3.7B in 2020. The country has received six projects with investments of US$1.7B during the first five months of this year.

“These projects will generate more than 48,100 jobs and are key to economic reactivation,” ProColombia’s Flavia Santoro said.

The expert added that energy transition and renewable energies have been major public policies of the government with social, environmental and economic components.

“From ProColombia, our strategy is to promote and attract new investments in energy generation and associated services, to strengthen and complement our national energy matrix,” Santoro said.

She said that this is one of the main axes of sustainable reactivation whose development contributes to technology transfer, competitiveness and employment.

The investments come from the US, China, Canada, Switzerland, France, Singapore, Japan, Sweden, Peru, South Korea, Turkey, Spain, Honduras, Germany, Italy, Chile, Portugal, India and UK. The project will be developed in 13 regions such as La Guajira, Atlántico, Antioquia, Cesar, Córdoba, Meta, Valle, Tolima, Magdalena, Cundinamarca, Boyacá, Caldas and Bolívar.

Santoro highlighted that these projects contribute to the fight against climate change, prioritizing sustainable mobility, the introduction of hybrid and electric vehicles, zero and low emission fuels, and energy efficiency policies.

Bottom-Line: The government managed to attract investors’ interest to the country, boosting the renewable energy sector rapidly.

However, authorities forgot an important part, the social conflict, which is affecting the development of the projects. It is key to work on this aspect, as it could reduce the interest in future auctions…

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