US-based renewables developer Invenergy will link with utility Empresas Publicas de Medellin (EPM) to build and operate wind and solar projects in Colombia.
Invenergy and EPM expect to jointly develop about 500MW by 2025 in Colombia, said a statement announcing the partnership, with the US group bringing its project delivery and finance expertise and EPM its power deals.
Colombia – seen as among the largest renewable energy markets yet to be tapped in the Americas – is poised to motor after a determined effort by the nation’s government to spur wind and solar development under energy minister Maria Fernanda Suárez.
Colombia recently held a landmark 1.3GW renewable energy tender that attracted global players, and plans further auctions as it seeks to diversify a power mix that is currently highly reliant on drought-prone hydro.
Commentators expect the nation to settle down as a 500MW-a-year market in wind alone under its current trajectory. However, Colombia also presents some serious logistical bottlenecks, which its government has pledged to address with upgrades to ports and roads.
The foray into Colombia adds to a Latin American presence for Invenergy that already includes El Salvador, Uruguay and Mexico. It has opened an office in Medellin.