Colombia’s largest self-consumption solar photovoltaic energy project

Banco de Bogotá and Banco de Occidente, belonging to Grupo Aval, announced the financing of $407.6 billion for the ‘Puerta de Oro Solar Project’, the largest independent solar photovoltaic park in Colombia.
The solar photovoltaic park will be located between the municipalities of Guaduas and Chaguaní, Cundinamarca, and is sponsored by the private equity funds Patria Investments and Ashmore.

According to the Ministry of Mines and Energy of Colombia, by 2024 it is estimated that each megawatt (MW) of solar energy installed will avoid the emission of approximately 0.493 Ton/MWh of CO2 per year.

This is equivalent to a reduction of more than 361,000 tons of CO2 annually. For this reason, the construction of this solar park will contribute to sustainability in the country, as it will have an installed capacity of 358.6 MWp, which will allow for an estimated generation of more than 732 GWh-year.

Luis Carlos Sarmiento Carvajal, who leads Grupo Aval’s Investment Banking, said: “We are pleased to advise the Aval banks in the financing of the largest independent solar project in the country.
The project will be located in one of the areas with the highest solar radiation in the country, close to the main energy demand centers, such as Bogotá and Medellín, with no restrictions on its connection to the system. In addition, it will be developed on flat land, which will facilitate its construction, and it will have high-quality access roads.

“As the largest independent photovoltaic solar project under construction in Colombia, it is expected to generate a large number of jobs and directly contribute to the transition towards more sustainable and clean energy sources,” said Rafael Arango, Vice President of Business Banking and Officer of Banco de Bogotá.

For his part, Iván Mauricio Ricardo, Vice President of Business at Banco de Occidente, said: “As one of the leading banking entities in the conservation of our Blue Planet, we are on the side of companies contributing to the financing of projects such as Puerta de Oro, reaffirming the commitment we have had for more than 40 years with the mitigation of climate change.”

And he concludes: “This work is not only about financing renewable energy projects, we want to mark a great transformation for the energy sector in Colombia, which manages to generate awareness among all interest groups about the importance of caring for the environment.”