Colombia unveils offshore wind roadmap, eyes 9GW buildout

Colombia could boast 9GW of offshore wind power capacity by 2050 by capitalizing on "tremendous potential" off the country's Caribbean coast, according to a proposed roadmap for the nascent sector.  

The long-term forecast forms part of a best-case scenario that also envisions 1GW of capacity by 2030 and 3GW by 2040.

However, those targets can only be reached if Colombia implements a dedicated technology-specific procurement regime and makes additional transmission upgrades that are currently not under consideration, the draft document says.

"To achieve the significant volumes in the 2030-40, and especially 2040-50 period, a significant program will need to be undertaken to build the necessary transmission capacity," it adds.

A draft version of the 230-page industry blueprint, authored by London-based firm Renewables Consulting Group (RCG), has been released for public consultation by Colombia's mines and energy ministry. 

In a "low scenario" that assumes development without a forward-looking strategy and procurement program, capacity would likely reach 200MW by 2030, 500MW by 2040 and 1.5GW by 2050, according to RCG.

The report outlines 33 recommendations designed to build the new market and mitigate risks. 

They cover the following themes: volume targets; provisions for leasing, consents and permitting; grid connection planning; port infrastructure; supply chain development; financing; offtake and revenue; health, safety and education; and technical implementation. 

RCG said it identified 12,500km2 for potential development of offshore wind farms in Colombia with cross capacity of 50GW. The figure contemplates 27.2GW of fixed bottom potential and 21.6GW of floating capacity.  

The report did not provide specific investment forecasts but said financing for early projects would likely come from a combination of local and international banks.  

"For debt financing, local banks can provide local knowledge and manage cash flows in the local currency," it said. "International banks, on the other hand, provide knowledge of offshore wind projects, provide risk mitigation and lending at favorable rates."

But it warned the bankability of offshore wind initiatives would hinge on the track record of developers, the political and regulatory landscape, risk management and whether projects are aligned with international standards and best practices, among other factors. 

The report can be seen here, in Spanish and English, and is available for public comment until February 25.