Mexico City-based solar power producer Cox Energy America SAB de CV (BMV:COXA) and Canada-based gas exploration and production company NG Energy International Corp (CVE:GASX) have formed an alliance to develop solar PV projects in Colombia, the parties announced on Thursday.
Together, the companies will analyse opportunities to develop, build and own solar power plants in Colombia, they said.
NG Energy is prospecting for gas in Colombia’s basins and is seeking to decarbonise its operations in the country by contracting solar power through a new renewables division. This division will be led by Santiago Suarez-Florez, former LatAm operations manager at Italian renewables developer Renergetica SpA (BIT:REN), NG Energy said in its press release.
The pair will work to sign power purchase agreements (PPAs) linked to Cox Energy’s pipeline in Colombia, with NG Energy as the off-taker, according to a statement released by Cox Energy.
For Cox Energy, the alliance will add weight to its presence in Colombia where it recently obtained a licence to operate as an agent in the wholesale energy market. The company has 48 MWp of solar projects in the country, according to its website.
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