Norwegian renewable energy solutions provider Scatec has achieved financial closure and commenced construction on the 130MW Barzalosa solar power facility in Colombia.
BTG Pactual Comercializadora de Energía, a subsidiary of Banco BTG Pactual in Brazil, previously signed a 15-year power purchase agreement (PPA) for the project.
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This PPA will cover approximately 85% of the projected output, with the remaining portion marketed within the Colombian electricity sector.
The development involves Scatec holding a 65% equity stake, with Norfund supplementing the remaining share.
Total capital expenditure for the project is estimated at $121m. Funding will be secured from a combination of non-recourse debt and equity, maintaining a leverage ratio of approximately 70%.
Bancolombia and Financiera de Desarrollo Nacional are providing senior loans for the project.
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By GlobalDataAs the main developer, Scatec will also serve as the engineering, procurement and construction provider.
In addition, Scatec will deliver operations and maintenance (O&M) and asset management services for the facility.
The solar plant is on course to achieve its commercial operation date (COD) in the first half of 2027 (H1 2027).
Scatec CEO Terje Pilskog said: “Financial close marks a key step in advancing the Barzalosa project in Colombia.
“With a robust financing structure and a long-term PPA in place with a strong offtaker, the project is well positioned for construction and delivery. We are pleased to support Colombia’s transition towards clean energy.”
Last month, the company signed a PPA with the Egyptian Electricity Transmission Company for 1.95GW of solar power and 3.9 gigawatt-hours of battery energy storage systems in Egypt.
Under the agreement, Scatec will construct an integrated hybrid facility combining solar power and battery storage to provide consistent, 24/7 renewable baseload electricity.
