Project Financing: Atlas Renewable Secures Loan for Solar Project in Colombia
Atlas Renewable Energy, a company under Global Infrastructure Partners (GIP), has successfully secured a significant financing package to advance its debut solar project in Colombia. The company announced it has closed a senior secured loan of 473.77 billion Colombian pesos, equivalent to approximately $113 million, for the development and construction of the Shangri-La solar plant.
The long-term financing was provided through a collaboration between IDB Invest, a member of the Inter-American Development Bank Group, and Bancolombia. “This agreement highlights our relationship with IDB Invest, with whom we financed six solar projects in Latin America, and marks our first collaboration with Bancolombia,” stated Rubén Borja, Atlas Country Manager in Colombia, emphasizing the strength of these financial partnerships.
Impact and Capacity of the Shangri-La Plant: Atlas Renewable Secures Loan for Solar Project in Colombia
Located in Ibagué, in the Tolima region, the Shangri-La solar power facility boasts a planned capacity of 201 MWp (160 MWac). Once operational by mid-2025, it is projected to generate 403.7 GWh of clean energy annually. According to data from IDB Invest, this output is sufficient to power roughly 214,000 Colombian homes and is expected to displace approximately 162,000 tons of CO2 emissions each year.
The project represents a major milestone for both Atlas, as its first venture in the country, and for IDB Invest, for which Shangri-La is the fourth and largest solar project it has financed in Colombia. The development is a cornerstone of a broader strategic alliance between Atlas and the Colombian power company Isagen, which aims to develop 1,000 MW of solar projects in the coming years.
Advanced Technology Integration: Atlas Renewable Secures Loan for Solar Project in Colombia
To optimize the plant’s performance, Atlas Renewable Energy has selected PVH to supply its Monoline 2P solar trackers. These systems will be integrated with PVH’s advanced ProInsights SCADA system, a control platform designed to enhance operational efficiency. “This control system facilitates operation and maintenance work on the ground through continuous monitoring of the operation of the trackers in the solar plant,” a PVH representative explained. The Shangri-La project contributes to PVH’s growing footprint in Latin America, which now exceeds 3 GW of supplied solar trackers.
Sources
- IDB Invest, Bancolombia and Atlas Renewable Energy Announce …
- Sustainability – Atlas Renewable Energy [PDF]
- Atlas Renewable Energy inks solar PPA in Colombia – REGlobal
- Atlas Renewable Energy Consolidates Operations in Colombia
- Atlas Renewable Energy energizes 201 MW solar park in Colombia
- Atlas Renewable Energy signs 128MWp solar PV PPA in Colombia
