Greenwood Energy, a renewable energy developer and operator, has reached financial close for the first phase of its 52MWp Terra Site I solar project in Copey, located in the Sierra Nevada de Santa Marta region of Colombia.
Colombia’s development bank Financiera de Desarrollo Nacional (FDN) has provided up to COP163 billion (US$43.7 million) in financing for the solar project being developed by Greenwood, in partnership with Colombia’s Arhuaco Indigenous community.
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The solar park is expected to enter commercial operation in the first half of 2027. Ownership of the solar assets will be transferred to the community after 25 years of operation.
Greenwood’s work in the region involves the development, construction and operation of two solar PV plants, alongside an 11km transmission line. Under the broader Terra initiative framework, the complan plans to develop up to 160MWp of solar capacity connected to Colombia’s National Interconnected System, alongside the construction of three indigenous villages.
“This project reflects our vision of sustainable financing: solid financial structures that enable investments with real environmental and social impact. The coordination with the Aarhuaca community shows that it is possible to develop clean energy infrastructure while respecting ancestral territories and generating shared value,” said Enrique Cadena, vice president of structured finance at FDN.
New York–based Greenwood Energy, part of the Libra Group, operates across Latin America and North America. The company completed a 556MW acquisition in Alberta, Canada in September, expanding its North American pipeline beyond 2.4GW.
In Latin America, Greenwood is advancing a pipeline of around 700MW, with recent milestones including the commissioning of its 40MWp Alma Mater solar project in Panama.
