Matrix Renewables Signs Colombia’s First Financing Agreement for Renewables

Matrix Renewables, the TPG-backed renewable energy platform, announced it signed a new long-term financing agreement with Bancolombia and the Inter-American Development Bank for its Los Llanos portfolio. This financing is ground- breaking as it represents the first non-recourse long-term financing project for operating Solar PV or Wind in Colombia.

Located in Puerto Gaitan, in the region of Meta, the Los Llanos portfolio comprises the Bosques Solares de Los Llanos 1, 2 & 3 sites, each with 27 MW of capacity and together the largest operational Solar PV portfolio in Colombia. In addition to providing new, clean electricity to Colombian households and businesses, Matrix Renewables created over 500 jobs, with over 70% of the workers hired locally, through construction and now operations. Moreover, Matrix Renewables committed to execute the reforestation and/or environmental enhancement of at least 168 hectares of land. In February this year, President of Colombia Iva´n Duque, visited the site in recognition of this project’s contribution to Colombia reaching its ambitious renewable energy goals.

Speaking after the deal was concluded this morning, Nicola´s Navas, Chief Financial Officer at Matrix Renewables, said: “This agreement is noteworthy in a number of ways. It represents the first long-term financing of a renewable energy project in Colombia, demonstrating the international and domestic financial sector’s support of renewable energy projects in the country. We have significant plans in Colombia and hope to be able to reach more of these long-term financing agreements in the near future.”

The new deal adds substantial renewable energy supply to Matrix Renewables’ existing 1.3 GW portfolio and international footprint across Europe, United States and Latin America.