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SubscribeCuatrecasas has advised Patria Investments Infrastructure Fund V and Ashmore Colombia, a subsidiary of Ashmore Group, on the successful sale to Isagen, a leading company in Colombia’s energy sector, of their entire equity interest in Puerta de Oro Solar Park, Colombia’s largest photovoltaic asset.
The transaction marks a milestone for mergers and acquisitions in Colombia, as it represents Patria’s first divestment of an infrastructure asset in the country and involves Colombia’s most important renewable energy asset.
Puerta de Oro has 360 MWp of installed capacity and is expected to generate 728 GWh annually—equivalent to the electricity consumption of over 390,000 Colombian households. Having recently commenced operations, the project is making a significant contribution to diversifying Colombia’s energy mix through clean energy sources, while contributing to a reduction in CO2 emissions by 370,000 metric tons per year.
The transaction comes at a critical time for Colombia, underscoring the importance of solar generation projects amid El Niño conditions, which can cause drought and reduce the power generation capacity of hydroelectric plants.
The Cuatrecasas team advising on the transaction was led by Felipe Mariño, with support from lawyers Natalia Villamizar and José Manuel Castillo (Corporate and M&A), Margarita Llorente and Angélica Bernal (Real Estate), and Jaime Vargas and José Manuel Jaramillo (Tax).
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