Solarpack seeks USD 78.4m from IDB for Colombian solar

Grullas solar PV farm. Image source: Solarpack (www.solarpack.es)

April 22 (Renewables Now) - Spanish solar energy developer Solarpack is awaiting a decision by the private sector arm of the Inter-American Development Bank (IDB) on almost USD 78.4 million (EUR 72m) in loans for two solar projects in Colombia.

Earlier this week, IDB Invest released details on the financing requests for 180 MWac of solar projects by Solarpack. Both secured 15-year power purchase agreements (PPAs) in Colombia’s third long-term contract auction and have interconnection agreements in place. The process of securing environmental approvals is in an advanced stage.

Details on the projects and financing requests are available in the table below.

Project name La Mata La Union
Project location La Gloria, Department of Cesar Monteria, Department of Cordoba
Project capacity 80 MWac 99.99 MWac
Financing amount USD 34.1 million USD 44.25 million
Investment type Loan & guarantee Loan & guarantee
Projected IDB board date July 20, 2022 July 16, 2022

IDB Invest's participation will serve to supplement long-term financing for the projects with participation from the United Kingdom Sustainable Infrastructure Program (UK SIP) Blended Financing Fund, administered by the IDB Group, and in collaboration with a local bank, the IDB unit said.

Solarpack is part of Swedish investment firm EQT AB (STO:EQT).

(USD 1 = EUR 0.919)

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