Solarpack granted loan for 252 MWp of solar projects in Colombia

Spanish solar energy developer Solarpack has been granted a senior loan totalling close to COP 656 billion (USD 133.6m/EUR 128.5m) to build two solar farms in Colombia.

IDB Invest, the private sector arm of the Inter-American Development Bank (IDB) Group, said on Wednesday it had coordinated a total contribution of COP 457 billion, sourcing COP 93 billion from the United Kingdom Sustainable Infrastructure Program (UK SIP) and COP 85 billion from another international partner. Latin American bank Bancolombia contributed COP 199 billion towards the loan.

Solarpack will use the funds for two solar projects with a combined capacity of 252 MWp (180 MWac) in Colombia. These are the 80-MWac/108-MWp La Mata project in the department of Cesar and the 100-MWac/144-MWp La Union in Cordoba.

The firm secured 15-year power purchase agreements (PPAs) for both projects in Colombia’s third renewable energy auction in October 2021.

The plants are expected to start operations by mid-2023, IDB Invest said.

Solarpack is part of Swedish investment firm EQT AB (STO:EQT).

(COP 1,000 = USD 0.204/EUR 0.196)

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