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Isagen states that its motivations are to continue to strengthen its generation matrix, making it more resilient to climate change and contributing to the country's energy transition.

With this agreement, Renovatio enables the entry of two new solar farms to the Colombian electricity generation market, consolidating the entry of two new multinational players listed on major European stock exchanges.

The notes are being issued to refinance the Medellín utility's $1.0 billion USD syndicated club deal loan due in 2020.

Moody's said its decision was based on having "insufficient or otherwise inadequate information to support the maintenance of the rating."

A subsidiary of the company has partnered with a Chinese entity that has secured a $200 million USD letter of intent to finance the project.