Independent power producer (IPP) Scatec has reached financial close on a 130MW solar PV plant in Colombia.
At the same time, the company unveiled that construction has also started for the Barzalosa project. Commercial operation date (COD) for the PV plant is forecast for the first half of 2027. This represents the first project in the Latin American country for the IPP, which is also present in the neighbouring Brazil with nearly 700MW of solar PV operational.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
A 15-year power purchase agreement was previously secured with BTG Pactual Comercializadora de Energía, an energy trading subsidiary of Brazilian investment bank Banco BTG Pactual. The PPA will be denominated in Colombian Pesos and inflation-adjusted based on Colombia’s Producer Price Index.
The PPA signed between the two parties will cover 85% of Barzalosa’s estimated production, while the remaining production for the solar PV plant will be sold in the Colombian electricity market.
The project is being developed in partnership with Norfund, the Norwegian state-run investment fund, with a 65-35% equity split in favour of Scatec.
Both companies had previously partnered on other solar PV projects from Scatec, including the 1.1GW solar-plus-storage project in Egypt, for which Norfund acquired a 25% equity stake in December 2025. The Obelisk project is Scatec’s largest renewables project to date and, earlier this week, reached COD for its first Phase, comprising 561MW of solar PV and a total of 100MW/200MWh of battery energy storage system (BESS).
“Financial close marks a key step in advancing the Barzalosa project in Colombia. With a robust financing structure and a long-term PPA in place with a strong offtaker, the project is well positioned for construction and delivery. We are pleased to support Colombia’s transition towards clean energy,” said Terje Pilskog, CEO of Scatec.
Solar PV activity in Colombia has kept increasing in the past few years, both from the private sector and public institutions. The government recently unveiled a plan to invest up to US$1.7 billion in grid expansion in the Caribbean region, north of Colombia, that could allow 6GW of new renewable energy generation capacity.
Colombia currently has 2.3GW of operational solar PV capacity and a further 1.7GW of installed capacity in the testing phase, according to the Ministry of Mining and Energy’s planning unit.
Moreover, a report from SolarPower Europe published in August 2025 highlighted that Colombia was entering a new phase of energy diversification, with solar PV being embraced to bolster the country’s energy security.
