Empresas Públicas de Medellín (EPM), the power utility of Colombia's second largest city, has signed an agreement with the US renewable project developer Invenergy to jointly develop at least 400 MW of solar and wind power projects in Colombia, enough to generate 1 TWh/year of renewable electricity. This strategic agreement allows Invenergy to enter the Colombian power market. Some of the projects could later be transferred to EPM, once the company has recouped investments in the 2.4 GW Ituango hydropower project, currently under construction and that is suffering significant overruns.
Many renewable power projects are under development in Colombia. In October 2019, the Ministry of Mines and Energy selected 7 power generation companies in its second long-term renewable energy auction, awarding 8 renewable projects (5 wind and 3 solar) with a combined capacity of 1,298 MW. A total of 22 trading companies secured the purchase of long-term energy. In the same month, Colombian power company Celsia joined forces with Cubico Sustainable Investments to develop 400 MW of solar PV projects across Colombia.
Under its Ideario Energetico 2050 policy issued in 2015, the Colombian government aims to add at least 474 MW of wind energy capacity, 143 MW of solar, 275 MW of geothermal and 314 MW of cogeneration with biomass by 2028, i.e. a total of 1,207 MW in renewable energy capacity addition.
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