Atlas Renewable Energy secures loan for Colombia solar plant

The solar power project has a 128.8 MWdc (99 MWac) capacity and is scheduled to begin operations in the second half of 2027, connecting to the national grid, and will contribute to strengthening the energy mix and the reliability of the electrical grid, and will prevent the emission of approximately 38,200 tons of CO2 per year.

The project, which was awarded in a 2024 auction, is being developed as part of the partnership between Atlas Renewable Energy and ISAGEN, and has a long-term power purchase agreement that enables its entry into operation.

BBVA Colombia and the FDN were advised on the loan by Cuatrecasas.

“For Cuatrecasas, it is very important to participate in operations that contribute to consolidating Colombia’s path toward energy transition. Likewise, we recognize our clients’ commitment to continuing to mobilize resources toward projects that are strategic for the country and that positively impact the regions in which they are developed,” said Juan Carlos Puentes, a finance partner at Cuatrecasas in Bogotá.

The financing included the loan of 292.1 billion pesos and a letter of credit facility of 58.38 billion pesos, structured as project finance, with the participation of FDN and BBVA Colombia as lenders and issuers of the letters of credit; the latter is also acting as a provider of financial hedges, in a Colombian peso-denominated structure that supports the project’s execution.

The Cuatrecasas team advising on this transaction was led by Juan Carlos Puentes, alongside attorneys Angie Gómez, Verónica Hernández, Lorenzo Lizarralde, Luisa Penagos, Daniel Valderrama, Pablo Amorocho, María Garavito, and Susana Liévano from the finance practice; Juanita Calderón, Alejandro Manrique, and Valeria Pombo from the corporate practice; Manuel Gómez, Felipe Bayona, Isabela Saa, and Emilio Torres from the energy practice; Margarita Llorente and Angélica Bernal from the real estate practice; and José Manuel Jaramillo and Nathalie Medina from the tax practice.