Greenwood Energy, a renewable energy subsidiary of privately-owned international business Libra Group, has reached financial close of up to COP 163 billion (~$42.5 million) for its TERRA Site I, the first phase of the TERRA INITIATIVE, comprising two solar projects with a combined capacity of 52 MWp.
Colombia’s development bank, Financiera de Desarrollo Nacional (FDN), has provided the financing, while emerging market infrastructure investor ImpactA Global participated as a catalytic investor, supporting the project’s social and environmental approach.
The financing agreements enable the commencement of construction of the TERRA Site I, which is being built in the municipality of EI Copey, Department of Cesar in Colombia.
The TERRA INITIATIVE is a private-indigenous solar energy platform in the Sierra Nevada de Santa Marta developed in partnership with the Arhuaco people. Across its three phases, TERRA will develop 156 MWp of solar projects connected to the national interconnected system as well as three indigenous villages. In addition, after 25 years of operation, all solar projects will be transferred to the community for direct operation.
Greenwood Energy began preliminary construction of the project in November 2025 and expects to inject solar energy into the grid in the second quarter of 2027.
Juan Pablo Crane, Chief Executive Officer of Greenwood Energy, stated, “The confidence of institutions such as FDN and ImpactA Global was grounded in the strength of TERRɅ’s social and environmental components and in its alignment with the United Nations Sustainable Development Goals and a just energy transition. This is complemented by the project’s technical and financial robustness, Greenwood Energy’s experience in developing renewable energy assets, and the support of Libra Group.”
Large-scale project funding increased by 37% in 2025 compared with the funding raised in 2024, according to Mercom’s recently released Annual and Q4 2025 Solar Funding and M&A report.
In February 2026, Alight, a solar developer and independent power producer, secured a £34 million (~$47 million) portfolio financing facility from SEB, a Swedish multinational investment bank and financial services group.
