Colombia: Matrix Renewables secures long-term finance for solar

solar
Photo by Nuno Marques on Unsplash

Spanish clean energy investment company, Matrix Renewables, has signed a new long-term financing agreement with Bancolombia and the Inter-American Development Bank for the Los Llanos solar portfolio in Colombia.

Located in Puerto Gaitan, in the region of Meta, Colombia, the Los Llanos portfolio comprises the Bosques Solares de Los Llanos 1, 2 & 3 sites, with a capacity of 27MW each.

According to Matrix Renewables, this represents the largest operational solar PV portfolio in Colombia and is the first non-recourse long-term financing project for operating solar PV or wind in the country.

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Construction and operations of the project have allowed clean electricity to be provided to Colombian households and businesses and have created over 500 jobs, with over 70% of the workers being hired locally.

Moreover, Matrix Renewables has committed to carrying out the reforestation and/or environmental enhancement of at least 168 hectares of land, in line with Colombian President Iván Duque’s renewable energy goals.

Speaking after the deal was concluded, Nicolás Navas, Chief Financial Officer at Matrix Renewables, said: “This agreement is noteworthy in a number of ways. It represents the first long-term financing of a renewable energy project in Colombia, demonstrating the international and domestic financial sector’s support of renewable energy projects in the country.

“We have significant plans in Colombia and hope to be able to reach more of these long-term financing agreements in the near future.”

The new deal adds substantial renewable energy supply to Matrix Renewables’ existing 1.3GW portfolio and international footprint across Europe, United States and Latin America.

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