German Bank KfW Will Lend Colombia $203.8 m For Green Energy Transition

Jul 26, 2022 12:32 PM ET
  • Germany will certainly lend Columbia regarding USD 203.8 m in 2 stages to help the latter accomplish green energy transition and become energy-independent.

According to a report, Germany's state possessed development bank KfW has released a statement that it will certainly assist in the financing transfer to ensure that Columbia can rollout renewable resource projects. KfW exec Christiane Laibach has actually been priced estimate by the report as saying that Germany sustains Colombia in making its plan much more eco-friendly and developing the essential conditions to steer personal and public financial investments to green projects.

The Federal Ministry for Economic Cooperation and Development (BMZ) will certainly lend the financing in the second phase of the programme, KfW claimed. A broad roadmap will be outlined for Colombia's energy transition which will have certain targets for each industry of renewable energy. The target will be to augment the proportion of non-conventional renewables, primarily solar and wind power, to 12% of the country's energy mix from the present 0.2%. Offered the geographical endowment and trerrains, the Latin American nation is already dominated by hydropower adding 66% to the power mix.

Another goal of the programme will certainly be to mainstream the centralised power generation. Presently, the national power grid is far as well centralised to connect the remote regions shutting out the regional population whose payment to climate-friendly electricity mix is critical. The decentralised power generation by companies with a green generation capacity of listed below 0.1 MW need to be eased.

It might be recalled here that KfW gave to Colombia a monetary bundle of EUR 150 million at the end of 2021 as part of the initial phase of the programme. Duke Energy Florida began on the Columbia solar plant in 2019, with complete procedure in March 2020. The solar power plant is had, run and maintained by Duke Energy Florida and established by Core Solar, which had constructed various other solar projects in Florida.

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