Copenhagen Infrastructure Partners (CIP) will advance plans for Colombia’s first offshore wind farm, said officials from the South American nation that is said to host some of the world’s best resources for turbines at sea.

The Danish renewables group plans to build a 350MW project off Barranquilla on Colombia’s Caribbean coast, the city’s mayor announced via social media.

“This is a historic day for the city and Latin America,” said the mayor after a memorandum of understanding was signed with CIP over a project that could attract investments of up to $1bn.