Atlas Renewable Energy Secures COP 350 Billion Financing for 128.8 MW El Campano Solar, Highlights Local Job Creation

Atlas Renewable Energy has secured COP 350 billion in project finance for its El Campano Solar facility, a 128.8 MWdc (99.9 MWac) solar photovoltaic project located in Córdoba, Colombia. This type of financing, known as project finance, structures debt based on the project’s expected future cash flows rather than the balance sheets of the sponsoring companies. The El Campano project aims to deliver reliable energy to the Colombian grid.

The total financing package includes a COP 292.1 billion loan and a COP 58.38 billion letters of credit facility. A letter of credit facility provides a guarantee from a bank that a borrower's payment obligations to a third party will be met. Financiera de Desarrollo Nacional (FDN) and BBVA Corporate & Investment Banking (CIB) served as lenders and issuers for these facilities. BBVA also provided financial hedging solutions to manage currency and interest rate risks within the Colombian peso-denominated structure. Atlas was awarded the project through Colombia's 2024 Reliability Charge Auction, which contracts new generation capacity to ensure grid stability. The project operates under a long-term power purchase agreement (PPA) with ISAGEN, targeting commercial operation in the third quarter of 2027.

The El Campano project currently employs 228 individuals. Of these, over 130 are local workers from surrounding communities. The workforce composition includes 18% women and 21% from ethnic communities. Construction activities are projected to create nearly 500 additional jobs. Rubén Borja, Atlas Renewable Energy's Country Manager for Colombia, stated this financial close reflects the company's focus on delivering strategic generation projects and high-quality energy solutions for Colombia.

This financing enables a significant renewable energy development in Colombia, contributing to the country's grid capacity and energy transition goals. The structured project finance approach manages risk for all parties by isolating the project's assets and cash flows. The Reliability Charge Auction mechanism ensures that new energy projects contribute to overall grid security and supply. Atlas Renewable Energy maintains a portfolio exceeding 10.8 GW of renewable energy assets across Latin America, positioning this project within a broader regional growth strategy. Observers will track the project's construction progress towards its Q3 2027 operational target and its ongoing impact on local employment in the Córdoba region.