Enel Colombia, a subsidiary of Enel Group, an Italian multinational manufacturer and distributor of electricity and gas, secured a term loan in Colombian pesos equivalent to $300 million from the European Investment Bank (EIB) in partnership with SACE, the Italian insurance and financial group owned by Italy’s Ministry of Economy and Finance. The loan, which is backed by a SACE guarantee, will be used to develop solar projects and upgrade grids in Colombia.
The funding will be used to develop the Guayepo I and II solar PV plants, with approximately 486 MW of total capacity, and to improve and expand the Enel Colombia distribution business.
“The agreement with the EIB and SACE is a virtuous example of synergies between the public and private sector and confirms our sustainability commitment,” said Enel CFO Stefano De Angelis. “This partnership adds further value to our business projects through a development strategy focused on renewables and grids, while contributing to accelerate the energy transition as well as the achievement of Sustainable Development Goals (SDGs), in line with our Group’s Strategic Plan, the Paris Agreement and the UN 2030 Agenda.”
This agreement is within the framework of the EU Commission’s Global Gateway Investment Agenda and leverages SACE’s Internationalization Program. It is the first framework loan with the EIB and SACE exclusively dedicated to financing Enel Colombia’s sustainable development.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale solar project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Earlier this month, Aura Power, a Bristol-based renewable energy project developer, secured £30 million (~$39.28 million) in a project financing debt facility from Coöperatieve Rabobank to construct the 49.9 MW Kemble solar farm in the U.K.
