Cuatrecasas has assisted Bancolombia and IDB Invest in closing the financing of the solar energy projects “La Unión” and “La Mata”, developed by the company Solarpack.
These projects are the largest of their kind financed under the project finance modality. This is also the first financial closing of the projects awarded in the non-conventional renewable energy auctions and is the largest project finance transaction in the photovoltaic sector in Colombia to date.
This transaction reinforces the financial sector’s commitment to meeting ESG objectives and targets and also strengthens its sustainability strategy, in line with Latin America’s environmental objectives. It also complies with the Paris Agreement and the COP-21 International Treaty on Climate Change.
“La Unión”, with a capacity of 144.5 MWp (megawatt peak), located in Córdoba, and “La Mata”, with a capacity of 108.3 MWp, in the department of Cesar, will generate energy equivalent to the consumption of more than 230,000 homes and, through these plants, will avoid the emission of 84 tonnes of CO2 per year.
Cuatrecasas’ team was led by partner Juan Carlos Puentes (pictured), and associates Catalina Herrera, Andrés Herrera, Angie Gómez, María Paula Cortés and Lorenzo Lizarralde, assisted by senior associates Camilo Cardona, Manuel Gómez and Fabio Ardila, and associates Luisa Toledo and Juan Felipe Cortes from the Bogotá office; as well as partner Agustín Cerdá and associate Cristo Gordillo de las Casas, from Spain.