Solarpack eyes IDB financing for Colombia projects

Spanish renewable energy developer Solarpack is seeking financing from IDB Invest for two solar parks in Colombia totaling 180MW of capacity. 

In documents seen by BNamericas, the private sector arm of the Inter-American Development Bank said the proposals comprised loans with an overall value of US$78mn.

The largest project is the 100MW La Unión photovoltaic (PV) park in Montería, the capital of Córdoba department in the country’s north. The initiative requires total financing of US$44.3mn with a syndicated amount of US$13mn, according to IDB Invest. 

Solar Park also requested financing of US$34.1mn – with a syndicated value of US$10mn – for its 80MW La Mata PV development in Cesar department, also in northern Colombia. 

The projects were assigned 15-year power purchase agreements at Colombia’s third auction for long-term contracts last October. 

Both are in the development phase with confirmed grid connections, secured sites and advanced stages of environmental approvals, according to BID Invest. 

It added that the proposed peso-denominated operations would include the participation of the United Kingdom Sustainable Infrastructure Program (UK SIP) and an undisclosed local lender.

IDB Invest’s board is due to discuss the proposals in July.