The multilateral development bank IDB Invest, the Colombian private bank Bancolombia, and the renewable energy company Atlas Renewable Energy have finalised a long-term financial agreement worth COP 474bn (US$113m) for the development, construction, and operation of the 201 MW Shangri-La solar PV power plant in the Tolima department of Colombia. The project is expected to contribute a 160 MWac of solar capacity to Colombia’s energy grid and generate 404 GWh/year of clean energy, enough to power around 214,000 homes while preventing the emission of roughly 162 ktCO2/year.
This project is part of a partnership between Atlas Renewable Energy and Colombia's leading energy group ISAGEN, which aims to develop, build, and operate 1 GW of solar projects over the next decade.
At the end of 2023, Colombia had a total installed capacity of 20 GW, of which solar represented 676 MW (3%).
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