Atlas Renewable Energy secures financing for its second solar project in Colombia

The company secured financing for the project under a project finance structure, including a loan of COP292.1 billion (US$77.6 million) and a commercial credit facility of COP58.38 billion (US$15.5 million), supporting its development and execution.

The transaction was supported by Financiera de Desarrollo Nacional (FDN) and BBVA CIB, acting as lenders and issuers of letters of credit. BBVA also provided hedging solutions, within a Colombian peso-denominated structure that strengthens the project’s financial robustness and execution.

The project, awarded to Atlas in the 2024 Reliability Charge Auction, is being developed as part of the partnership between Atlas Renewable Energy and ISAGEN, and is backed by a long-term power purchase agreement which enables it to come into operation as scheduled in 3Q27.

El Campano Solar will involve the construction and operation of a photovoltaic plant with an installed capacity of 128.8 MWdc (99.9 MWac). Once operational, the project is expected to generate enough clean energy to power more than 100 000 Colombian households annually and will supply electricity to the National Interconnected System, supporting grid reliability. The project is expected to prevent approximately 38 200 tpy of CO2 emissions, contributing to a more resilient and sustainable energy matrix.

Rubén Borja, Country Manager for Atlas Renewable Energy in Colombia, commented: “The financial closing of El Campano Solar reflects our continued focus on executing strategic power generation projects in Colombia and delivering reliable, high-quality energy solutions for our customers. The continued support of leading financial institutions allows us to move forward with confidence as we advance into construction and contributing to the development of Colombia’s energy sector.”

Since its early stages, the project has prioritised local employment and workforce development. Currently, it employs 228 people, more than 130 of whom are local workers.

The project also promotes inclusive employment practices, with women representing 18% of the workforce and members of ethnic communities accounting for 21%, all in alignment with local employment objectives. During the construction phase, the project is expected to generate nearly 500 jobs.

With this milestone, Atlas Renewable Energy continues to strengthen its track record of execution by mobilising investment in Colombia’s energy sector, generating local employment, and reinforcing its position as one of the leading solar IPPs in the country, advancing development in close partnership with local communities.

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