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Solarpack closes 129 million euros financing for two projects in Colombia

By Comco

Both parks are expected to be operational by mid-2023 and will produce energy equivalent to the electricity consumption of more than 230,000 homes.

Solarpack has signed financing contracts for two projects in Colombia with IDB Invest (Inter-American Development Bank), which will provide €90.4 million, and Bancolombia, which will add €39.37 million through its green line. The project also has resources from the UK Sustainable Infrastructure Fund and the Netherlands Development Bank (FMO).

The resources will be used for the construction of two solar plants that already have power purchase contracts, awarded in the third auction of non-conventional renewable energy organised by the Ministry of Mines and Energy at the end of 2021. One of the plants is La Unión, with a capacity of 144.5 MWp, located in the municipality of Córdoba, and the other plant is La Mata, with a capacity of 108.3 MWp, in Cesar. This will be the largest Project Finance financing package for solar and renewable energy plants in Colombia to date.

The plants, which will be operational by mid-2023, meet the highest ESG standards, in close collaboration with the communities and the immediate environment, and they will produce a combined energy output of around 440 GWh per year, equivalent to the electricity consumption of more than 230,000 home. Together will avoid the emission of 84 tonnes of CO2 equivalent per year.

This deal will allow Solarpack to advance its corporate purpose, which is to accelerate the transition towards clean and affordable energy for all, reaching more than 900 MW of installed capacity in operation worldwide.

Furthermore, Bancolombia reinforces its commitment to mobilise resources towards activities that incorporate ESG and decarbonisation criteria in its portfolio, as part of its sustainability strategy.

Likewise, for BIDB Invest this deal reinforces its commitment to support the private sector towards an economy with a lower environmental impact and more aware of the real challenges of the region in terms of decarbonisation.