Enel Colombia has secured a financing in local currency worth $300 million
This EIB loan is backed by a guarantee from the Italian Export Credit Agency SACE
It will help finance close to 486 MW solar PV capacity in Colombia along with carrying out grid improvements
The European Investment Bank (EIB) has announced up to $300 million loan for Enel Colombia to support the development of close to 486 MW of solar PV capacity and undertake grid improvements in the Latin American nation.
Backed by a loan guarantee from the Italian Export Credit Agency SACE, the financing has been made available in Colombian pesos equivalent to $300 million. It will finance Enel’s Guayepo I and II solar PV plants whose installation the company completed in September 2024 (see Latin America Solar PV News Snippets: AES Andes’ $3 billion Solar & Storage Investment In Chile & More).
These projects are contracted under a 15-year agreement with local brewer Bavaria AB InBev.
Enel Colombia said it will also use the EIB financing to improve and expand its distribution business and contribute to the country’s energy transition. It currently serves over 3.7 million customers in Bogota.
Aligned with the European Commission’s Global Gateway Investment Agenda, this financing is the bank’s 1st framework loan exclusively dedicated to financing Enel Colombia’s sustainable development, it stated. This also happens to be the 1st EIB synthetic product with an Enel Group subsidiary.
“This project, in line with the Global Gateway Investment Agenda, contributes to reducing the infrastructure gap between wealthier and less developed regions of Colombia and increases the participation of renewable energy in the power matrix of the country by incorporating additional solar energy generation capacity,” shared the EIB Vice-President Ioannis Tsakiris.