Innova Capital Partners and Fondo de Capital Privado de Emprendimiento e Innovación SP (FCP) have announced a concurrent investment into ERCO Energía SAS (ERCO), an engineering, procurement, and construction (EPC) company specialised in PV projects in Colombia.
The joint investment will offer financing for the construction of ERCO solar projects in the region. Image: Chandra Marsono / Creative Commons
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Solar EPC companies such as ERCO are set to benefit on Law 1715, which was enacted in 2016 to establish the legal framework and instruments to actively promote and integrate other non-hydro renewables (NCRE) into the national energy system. Law 1715 outlines the incentives that make non-hydro renewables economically feasible.
Felipe Zarate, General Manager of FCP, said: “Our fund and its LP have been looking for EPC assets in Colombia and the region. While regulation is just being put in place, the distributed generation opportunity had been already taking shape, and new regulations only make the opportunity more robust. Since FCP discovered ERCO, we were impressed by the vision of its founders and excited by the strategic fit of ERCO with our portfolio strategy.”
Juan Camilo López and Juan Esteban Hincapié, co-founders of ERCO, added: “We believe that Innova's international experience and FCP's strategic business vision will allow us to expand our operation, increase our market share and continue to strengthen our position as one of the most important solar energy companies in Colombia. We are pleased to have found allies that are fully aligned with our growth prospects and our vision of solar business in the region.”
