Solarpack granted loan for 252 MWp of solar projects in Colombia

• Spanish solar power developer Solarpack has been provided an elderly loan amounting to close to COP 656 billion (USD 133.6 m/EUR 128.5 m) to construct two solar farms in Colombia.

IDB Invest, the economic sector arm of the Inter-American Development Bank (IDB) Group, stated on Wednesday it had worked with a total payment of COP 457 billion, sourcing COP 93 billion from the United Kingdom Sustainable Infrastructure Program (UK SIP) and also COP 85 billion from one more international companion. Latin American bank Bancolombia added COP 199 billion in the direction of the loan.

Solarpack will utilize the funds for 2 solar projects with a combined capacity of 252 MWp (180 MWac) in Colombia. These are the 80-MWac/108-MWp La Mata project in the division of Cesar as well as the 100-MWac/144-MWp La Union in Cordoba.

The firm secured 15-year power acquisition arrangements (PPAs) for both projects in Colombia's 3rd renewable resource public auction in October 2021.

The plants are anticipated to begin procedures by mid-2023, IDB Invest said.

Solarpack becomes part of Swedish investment firm EQT AB (STO: EQT).