Grenergy eyeing 1GW Colombian solar pipeline following bond issue

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President of Colombia, Iván Duque, inaugurated Grenergy’s Tucanes solar park in Bolívar, Colombia. Image: Grenergy.

Spanish solar developer Grenergy has issued €52.5 million (US$57.55 million) of green bonds to help the company finance a pipeline of projects, including a 1GW portfolio in Colombia.

Accompanied by the president of Colombia, Iván Duque, Grenergy inaugurated a solar plant in the region of Bolívar that is part of a 72MW set of projects.

The individual project has secured a long-term power purchase agreement with Colombian energy supplier Celsia.

Alejandro Ospina, Grenergy’s country manager for Colombia, said the company plans to invest more than US$700 million in Colombia to finance an initial portfolio of 1GW of renewable projects, which are currently at different stages of development.

“This solar park marks the beginning of Grenergy’s growth story in Colombia,” added Ospina.

“In less than four years, we have in our country a path to close 2022 with 2,800 MWp in renewable energy capacity, 100 times more than what we had in 2018,” said President Duque.

After Brazil and Chile, Colombia is getting more and more solar PV projects, and was at the centre of a PV Tech Premium article earlier this year. You can read it here.

After a successful first bond of €22 million in November 2019, the Spanish developer issued a second green bonds program in the BME Fixed Income Market (MARF) – a market managed by BME in Spain designed for for medium-sized companies in that country – with around 30 national and international investors which will help the Spanish developer to finance its own 3.5GW portfolio of generation projects it aims to reach by 2024.

Daniel Lozano, director of strategy and capital markets at Grenergy said the company managed to raise funds despite a complicated market due to the ongoing situation both in Spain and internationally and will grant the developer “to continue advancing in our ambitious growth plan”.

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