Cuatrecasas advises Erco Energía and Banco de Bogotá on financial agreement implementing portfolio of six generation solar plants in Tolima
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SubscribeCuatrecasas has advised Erco Energía S.A.S and Banco de Bogotá on closing a COP 18 billion financing to boost the transition toward clean energy in Colombia. The resources will be used to implement a portfolio of distributed generation plants made up of six photovoltaic energy plants in the department of Tolima, that will strengthen the country's renewable energy matrix.
The projects have an installed capacity of 7.5 MWp, with an estimated annual generation of 12.44 GWh, the equivalent to the electricity consumption of over 4,000 Colombian households.
Sergio Sandoval, vice president of finance and strategy at Banco de Bogotá, spoke about the project: “At Banco de Bogotá, we assist our clients in their transition toward a low-carbon economy. We are proud to support projects like this, that promote clean energy development and a reduction in emissions. Currently, 20% of our green portfolio is allocated to renewable energy, driving a transformation in the way the country generates and consumes energy.”
This financing reflects the Colombian bank’s commitment to boosting the country’s energy transition and to strengthening investment in renewable energies. Through strategic alliances between the finance sector, leading companies like Erco Energía—operating in Brazil, Central America and the USA—and firms specialized in legal structuring, projects that contribute to diversifying the national energy matrix and to reducing carbon emissions are promoted.
Ana María Sánchez, (Finance, Energy and Infrastructure partner) led the Cuatrecasas advisory team and said: “The projects Erco Energía is working on in Tolima and other departments are part of the transformation of Colombia’s energy future. This financing involved overcoming highly complex challenges and particularities that added value to the transaction. We congratulate our clients for committing to developing a more sustainable country.”
The advisory team was also made up of lawyers SSteffany Serebrenik, Natalia Serrano, Valeria Pombo, Mariana Vanegas, Daniela Berumen, Simón Hakim, Daniel Valderrama and Juan Esteban Rangel (Finance); Jaime Moya, Mateo Benjumea and Alejandro Manrique (Corporate); Isabela Saa and Emilio Torres (Energy and Infrastructure); Margarita Llorente and Laura Pinzón (Real estate); and Nathalie Medina and Ariana Fernández (Tax).
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