Enerfín, the renewable energy subsidiary of the Elecnor Group, has secured a loan of up to 300,000 million Colombian pesos (approximately US$57 million at current exchange rates) to finance the construction of its first photovoltaic plant in Colombia.
This plant, located in the municipality of La Dorada, in the department of Caldas, will have a capacity of 129 MWp and will produce approximately 263 GWh annually, thus avoiding the release of 132,480 tons of carbon dioxide each year.
A loan that does not call on shareholders
The loan, which does not involve shareholders, was arranged using a long-term debt instrument and is compatible with other sources of financing available to the company. The Colombian banks belonging to Grupo Aval, Banco de Bogotá and Banco de Occidente, helped Enerfín to structure the financing of this operation, with the help of Banca de Inversión de Corficolombiana.
The photovoltaic plant is scheduled to be commissioned in November 2023, and Enerfín’s local team will be responsible for managing the operation of this asset throughout its lifetime. It should be noted that this photovoltaic plant will be located in the region of La Dorada, in the department of Caldas. According to José Castellanos, General Manager of Enerfín, “we are doubly satisfied with this project, firstly for having made Enerfín’s first investment in Colombia, and secondly for having obtained this loan to finance a large part of this investment. In addition, Grupo Aval’s confidence in Enerfín shows once again the interest of investors in this type of project and reinforces the attractiveness of our group as a significant international player in the sector.”
Enerfín in full development
Gerardo Silva Castro, Vice President of the Corporate Department of Banco de Occidente, observed, “In line with our goal of contributing to the country’s transformation, we decided to participate in this major project. As Colombians, we are proud to support initiatives that promote sustainability and the country’s energy transition, hand in hand with important sponsors such as Enerfín and the Elecnor Group.”
Founded in 1997, Enerfín develops and manages investment projects in renewable energy, both in Spain and abroad. Elecnor’s subsidiary currently manages 1,227 MW of wind power in operation in Spain, Brazil and Canada, producing more than 3,500 GWh/year and capable of providing electricity to more than 1.5 million homes while avoiding the release of 656,000 tons of CO2 into the atmosphere. This capacity is expected to continue to grow through 2023, with the addition of 268 MW of assets currently under construction and more than 8 GW in the company’s portfolio through 2030.
