IDB Invest, Bancolombia Will Support Solarpack in the Development of Two Large Photovoltaic Parks in Colombia

IDB Invest release

The project will be financed with a senior secured loan for a total value close to COP 656 billion to Solarpack. IDB Invest has coordinated a total contribution of COP 457 billion, mobilizing COP 93 billion from the United Kingdom Sustainable Infrastructure Program (UK SIP) and another COP 85 billion from another international partner. The loan is complemented by Bancolombia with a contribution of COP 199 billion.

The purpose of this loan will be to support the development of La Mata solar park (108MWp of installed capacity) in the municipality of La Gloria (Cesar), and La Unión (144MWp of installed capacity) in the municipality of Montería (Córdoba). This will be one of the largest solar plant financing packages in the country to date.

This carbon-free renewable generation project will improve Colombia’s energy matrix, in line with plans to boost the share of photovoltaic projects in country’s generation mix.

With this deal, Solarpack moves forward with its corporate purpose, accelerating the transition towards clean and affordable energy for all, reaching almost 430 MW of installed capacity in solar projects in Chile, Peru and Colombia.

Both parks are expected to be operational by mid-2023, reaching a combined renewable energy production of around 440GWh per year, equivalent to the annual consumption of more than 230,000 homes in Colombia*.

On the other hand, Bancolombia reinforces its commitment to mobilize resources towards activities that incorporate environmental, social and governance factors and decarbonization of the portfolio, as part of its sustainability strategy.

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

This deal is expected to contribute to ten United Nations Sustainable Development Goals (SDGs): Affordable and clean energy (SDG 7), Decent work and economic growth (SDG 8), Industry, innovation and infrastructure (SDG 9) and Climate Action (SDG 13).