November 28 (Renewables Now) - US-based Invenergy LLC has signed a strategic agreement with Colombian power utility Empresas Publicas de Medellin ESP (EPM) to develop and build at least 400 MW of solar and wind projects in Colombia by 2025.
The deal, announced on Wednesday, will see the city of Medellin-owned company sell the power generated by the parks, with an option to acquire them at a later date, EPM said.
EPM CEO Jorge Londono De la Cuesta said at a press conference that his company had plans to develop non-conventional renewable energy (NCRE) projects even before its troubles with the Hidroituango dam mega project. A series of incidents at the dam strained EPM’s finances, forcing the company to find a strategic partner for the NCRE endeavours in the short term to fulfil its goals.
Londono De la Cuesta said EPM picked Invenergy in a competitive process from a group of 19 companies. He added that Invenergy, with its vast experience with NCRE projects, will bring the necessary know-how and investments to the partnership.
Invenergy, according to information on its website, has developed 150 projects totalling more than 24.1 GW, dwarfing EPM’s 3.6 GW and experience with mostly conventional energy sources, a difference highlighted by Londono De la Cuesta.