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SubscribeCuatrecasas has advised BBVA Colombia and the FDN on a financing of COP 292.1 billion granted to Atlas Renewable Energy for the development and construction of the El Campano solar park, a renewable energy generation project located in Córdoba. The solar park will have a capacity of 128.8 MWdc (99 MWac) and is scheduled for start-up in the second half of 2027.
The project, which was awarded in the 2024 Reliability Charge Auction, is being developed as part of the partnership between Atlas Renewable Energy and ISAGEN, and has a long-term power purchase agreement that enables its entry into operation.
“For Cuatrecasas, it is very important to participate in transactions that contribute to consolidating Colombia’s energy transition path. We also recognize our clients’ commitment to continue mobilizing resources toward strategic projects for the country that positively impact the regions where they are developed,” said Juan Carlos Puentes, a Finance partner at Cuatrecasas.
The financing included a loan for COP 292.1 billion and a letter of credit facility for COP 58.38 billion, structured under a project finance scheme. The FDN and BBVA Colombia participated as lenders and issuers of the letters of credit, the latter also being a provider of financial coverage, in a structure in Colombian pesos that supports the project implementation.
The El Campano solar park, which will provide clean energy to the country through Colombia’s National Interconnected System, will contribute to strengthening the energy matrix and the reliability of the electrical system, and will prevent the emission of approximately 38,200 tons of CO2 per year.
The Cuatrecasas team advising on this transaction was led by Juan Carlos Puentes, alongside lawyers Angie Gómez, Verónica Hernández, Lorenzo Lizarralde, Luisa Penagos, Daniel Valderrama, Pablo Amorocho, María Garavito, and Susana Liévano (Finance); Juanita Calderón, Alejandro Manrique and Valeria Pombo (Corporate); Manuel Gómez, Felipe Bayona, Isabela Saa, and Emilio Torres (Energy); Margarita Llorente and Angélica Bernal (Real Estate); and José Manuel Jaramillo and Nathalie Medina (Tax).
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