Objective
Build and operate 166 MW of solar and wind capacity on the Caribbean Coast and connect it to the National Interconnected System (SIN).
Key Goals
- Project 1 (24.63 MWp) in operation in 2027.
- Projects 2 and 3 in operation in 2028.
- Project 4 (wind, 96 MW) in operation in Q3 2029.
- Avoid approximately 326,000 tonnes of CO₂e per year (≈ 8 million tonnes over 25 years).
- Generate annual EBITDA of USD 37.6 million (P50): USD 14.1 million from the solar plants and USD 23.5 million from the wind farm.
- Receive USD 1.4 million per year in Firm Energy Obligation (OEF) payments for the wind farm between 2029 and 2049.
Market Opportunity
- UPME’s target calls for 9 GW of non-conventional renewable energy sources (FNCER) by 2030;
- approximately 3.5 GW are installed today, leaving a gap of ≈ 5.5 GW.
- Between 2020 and 2025, only 10% to 28% of the capacity committed under the Reliability Charge came online on time (source: XM).
- Thermal generation, the most carbon-intensive in the system, dominates the Caribbean region.
- The portfolio would generate approximately 580 GWh per year (P50): 115 GWh solar and 465 GWh wind.
Project Advantages
- Three ready-to-build (RTB) solar plants, with permits and grid connection approved.
- Wind farm at an advanced stage (near-RTB), with environmental license granted, grid connection in process and a purchase option for 100%.
- Vertically integrated sponsor: The sponsor integrates in-house energy trading through the group's energy trading company, project execution through the group's in-house EPC contractor, and the group's in-house demand.
- Contracted revenues: 15-year PPA with an AAA-rated offtaker for the three solar plants, a memorandum of understanding for a 12-year wind PPA, and OEF 2029–2049.
Project Stage
Solar plants at RTB stage (permits and grid connection approved). Wind farm at near-RTB stage (environmental license final and non-appealable; grid connection in process under UPME Phase II).
Strategic Impact
- Contributes 166 MW toward UPME’s target of 9 GW of FNCER by 2030.
- Reduces the Caribbean region’s dependence on thermal generation.
- Estimated contribution of ≈ 0.2% to regional GDP (indicative) and ≈ 750 indirect jobs.
ESG Considerations
Environmental: Displaces thermal generation in the Caribbean. No direct emissions during operation. Final environmental licenses for all four projects. Avoids ≈ 326,000 t CO₂e per year.
Social: Health, safety and environment (HSE) protocols at all four construction sites. Local employment on Colombia's Caribbean Coast (≈ 500 direct and ≈ 750 indirect jobs). Official certification that prior consultation with ethnic communities is not required for Project 1 and the wind farm.
Governance: Holding structure with unified reporting. Annual audit by PwC and consolidated quarterly reporting. One special purpose vehicle (SPV) per project, with debt non-recourse to the holding company.
SDGs: 7 (Affordable and Clean Energy) · 8 (Decent Work and Economic Growth) · 9 (Industry, Innovation and Infrastructure) · 13 (Climate Action).