Spanish independent power producer (IPP) Zelestra has signed an agreement to sell its 3.5GW Latin America renewables platform to Colombian natural gas firm Promigas.
The portfolio comprises 1.4GW of contracted solar PV and battery energy storage system (BESS) capacity, of which 1GW is either operational or under construction. Among the projects under construction is the Aurora 220MW/1GWh solar-plus-storage plant in northern Chile.
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
The remaining 2.1GW comprises 19 projects under advanced development in Chile, Peru and Colombia.
Latin America remains a market with a huge potential to unlock billions in clean energy investment if it aligns national policies with global sustainability goals and investor expectations, according to a report published in August of this year by trade association SolarPower Europe (SPE), which examined five markets in the region: Brazil, Argentina, Colombia, Mexico and Peru.
In the case of Colombia and Peru, two markets where Zelestra is present, the report highlighted that these two countries were “entering a new phase of energy diversification, where solar energy is being embraced to bolster energy security.”
Leo Moreno, CEO at Zelestra, said: “This agreement represents a major step toward completing Zelestra’s transformation into a customer-centric, multi-technology leader, strategically focused primarily on Europe and the United States.”
Until the sale agreement, Latin America was one of Zelestra’s target markets, along with Europe, the US, and India. Europe and the US will remain the company’s primary markets, as highlighted by Moreno and the company’s recent announcements.
The Spanish IPP was among the companies that have recently been awarded capacity in Italy’s FER X auction, with eight projects for a combined capacity of nearly 60MW. The results of the FER X auction were unveiled last week, with 474 solar PV projects awarded for a combined 7.7GW.
In its home country of Spain, Zelestra recently commissioned two solar PV projects with a combined 83.4MW, while securing a power purchase agreement with technology giant Microsoft for a 95.7MW solar PV portfolio in Aragón, northeastern Spain. Consisting of two projects, the company expects both projects to begin commercial operations by the end of 2026.
