January 11, 2023
Clifford Chance advises on largest solar PV financing in Colombia
Leading international law firm Clifford Chance has advised IDB Invest and Bancolombia, in connection with a COP 656 billion multi-tranche and multi-currency financing to developer Solarpack to finance solar PV projects in Colombia. The loan will support the development of two plants, La Unión and La Mata, with nominal capacities of 108MW and 144MW, respectively.
This is the largest solar plant financing in Colombia to date and also the first financing of projects awarded under the renewable energy auction in the country.
The plants are expected to be operational by mid-2023. Together, they will produce a combined energy output of 440GWh per year, which is equivalent to the electricity consumption of more than 230,000 homes. Development of these projects will eliminate the emission of 84 tons of CO2 per year.
Partner Fabricio Longhin commented, "We are pleased to bring our experience in the renewable energy space to support our clients on their commitment to sustainable projects and decarbonizing the private sector."
Special legal consultant Alejandro Leon added, "Colombia is one of nine countries in Latin America working toward a target of 70% renewable energy use by 2030, and we're proud to advise on a project that supports that goal of a sustainable future."
Working with Longhin and Leon on this transaction was foreign law clerk Juan Pablo Avila and law clerk Pedro Buchanan.
Clifford Chance advises on many renewable energy transactions in Latin America. The firm previously advised CIFI on a portfolio financing of 24 PMGD solar projects in Chile.