Colombia contracted five wind and three solar projects totaling 1.3GW at an average price equivalent to $27.88/MWh in its eagerly-awaited renewable energy tender, heralding what is expected to be a new 500MW annual market for the region.

The final average price of 95,650 Colombian pesos per MWh was 40% below the cap price of 200,000 pesos/MWh and is in line with the regional average. Last week, by comparison, in Brazil’s A-6 tender wind and solar were contracted for prices around $20/MWh.