GreenYellow Secures $43 Million USD Financing for 85MWp of Solar Power Generation in Colombia

French multinational GreenYellow recently announced that it has secured financing of 172 billion Colombian pesos (around $43 million USD) with Banco de Bogotá S.A. on an 85MWp (megawatt peak) portfolio of solar power generation.

The firm highlighted the move for bringing more renewable energy to Colombia and demonstrating its belief in potential of the energy market in the region.

“This financing structure demonstrates that we have a strong contractual ecosystem in place for each project, as the business setup is analyzed across sales, acquisitions, and the complex integration inherent in an investment of this size,” said Felipe Camargo, CEO of GreenYellow Colombia. “On the one hand, it confirms that we have adequately established the projects from a contractual point of view, and on the other hand, that our clients are considered bankable entities, since we work with companies with solid credit histories.”

The debt operation was structured under the figure of “project finance,” according to Green Yellow, and the financing agreement allowed the refinancing of five solar parks located in the departments of Magdalena (Caimán Cienaguero), Meta (Versalles, Denmark, La Mena), and Córdoba (Alejandría) in addition to two self-consumption projects in Sucre and Boyacá.

The French firm says that it has now invested 310 billion pesos into its photovoltaic generation portfolio in the country, which is supporting the installation of more than 130,000 solar panels in various locations throughout the country.

“This strategic investment makes clear GreenYellow’s commitment to the development of solar energy in Colombia, contributing to the expansion of clean megawatts installed in the country and thus to the mitigation of global warming,” added the company in a statement.

For its part, Banco de Bogotá praised the efforts to bring more solar energy to the Andean nation.

“We are proud to support initiatives that promote the development of renewable energy sources and the reduction of greenhouse gas emissions, ensuring that our country’s communities benefit from more sustainable and prosperous growth,” said Isabel Cristina Martínez, vice president of sustainability and corporate services at Banco de Bogotá.

(Photo credit: MaxPixel)