Atlas Renewable Energy has announced the financial close of El Campano Solar, its second solar PV project in Colombia, marking a major milestone for the development of the 128.8 MWdc (99.9 MWac) facility in the department of Córdoba.
The financing was structured as a project finance transaction, including a COP 292.1 billion loan and a COP 58.38 billion letters of credit facility to support the project’s development and execution.
The transaction involved Financiera de Desarrollo Nacional (FDN) and BBVA Corporate & Investment Banking (CIB) as lenders and issuers of the letters of credit. BBVA also acted as a provider of financial hedging solutions, within a Colombian peso-denominated structure designed to underpin project delivery.
Awarded to Atlas through Colombia’s 2024 Reliability Charge Auction (Cargo por Confiabilidad), the project is being developed under a strategic partnership with ISAGEN and is backed by a long-term power purchase agreement (PPA), supporting its commercial operation target in the third quarter of 2027.
“This financial close reflects our focus on effectively delivering strategic generation projects for Colombia and on developing reliable, high-quality energy solutions for our customers,” said Rubén Borja, Country Manager of Atlas Renewable Energy in Colombia.
“The support of these financial institutions allows us to move forward confidently with construction and continue advancing initiatives that contribute to the development of Colombia’s energy sector,” he added.
The solar PV project currently employs 228 people, including more than 130 local workers. The workforce strategy includes a social inclusion component:
- 18% of current jobs are held by women
- 21% involve members of ethnic communities
- Nearly 500 jobs are expected to be created during the construction phase
The initiative aligns with broader goals around local employment, social inclusion and sustainable infrastructure development.
With this project, Atlas reinforces its position as a leading independent power producer (IPP) in Latin America, supported by a renewable energy portfolio exceeding 10.8 GW, spanning solar PV, wind power and energy storage assets across the region.
