Negratín Group reaches financial close on 39 MWp solar portfolio in Colombia

Negratín Group, a global provider of integrated solutions for the energy sector, has reached financial close on its solar project portfolio in the Meta Department. The transaction, completed together with Banco de Bogotá, further strengthens the Group’s presence in Colombia as the country accelerates its energy transition.

The portfolio has a combined installed capacity of 39 MWp and covers approximately 50 hectares. It represents Negratín Group’s second financing transaction in the Colombian market. In addition, the Group has led the investment structuring and will be responsible for the construction and operation of the projects, reflecting its vertically integrated model across development, investment structuring, construction and renewable asset operations.

Financial structure and growth strategy

Financing for the portfolio has been structured with the support of Banco de Bogotá through a non-recourse project finance structure, backed by a 15-year PPA. This widely established financing model ring-fences financial risk at project level and reflects the technical and economic strength of the portfolio.

As with the Alma project, the transaction also includes the participation of Findeter, Colombia’s Territorial Development Bank.

“The 39 MW of capacity across this portfolio and the nearly 300 jobs it will create in Meta demonstrate what the energy transition means for Colombia’s regions today: clean energy generation, diversification of the energy mix and local economic development, supported by a financial structure designed for the long term,” said Luz Angélica Rubiano, Director of Structured Finance at Banco de Bogotá.

Growing presence in Colombia

Since entering Colombia in 2020, Negratín Group has developed an in-depth understanding of the country’s energy market, enabling the company to build a model tailored to local requirements. Negratín began operating in the country at an early stage in the development of renewable energy and has grown alongside the transformation of Colombia’s energy mix towards non-conventional renewable energy sources.

Building on the experience gained with Alma 2, this second financial close demonstrates the ability of Banco de Bogotá and Negratín Group to replicate efficient financing structures in the Colombian market.

As a result of this track record, Negratín has participated as a construction partner in approximately 20% of the projects developed in the Colombian market and is working towards having 300 MWp in operation in the country by 2030.

Eduardo Barros, Investments Managing Director at Negratín Group, said:

“Reaching financial close on the Meta portfolio marks an important milestone in our strategy in Colombia. The expertise Negratín has built as an EPC contractor enables us to identify and mitigate risks from the early stages of project development, and we intend to continue leveraging that experience in a strategic market such as Colombia.”

Local impact and talent development

The development of the portfolio in the Meta Department has been designed in line with the Group’s sustainability principles and commitment to local communities.

Recognising that the energy transition is ultimately driven by people, Negratín promotes initiatives focused on social inclusion and strengthening local communities.

Banco de Bogotá continues to strengthen its commitment to financing projects that advance Colombia’s energy transition, working alongside companies and strategic partners to develop solutions that create value for local communities and the country’s energy system.

Within this framework, the portfolio is expected to support up to 300 jobs during peak activity across the construction, operations and maintenance phases, contributing to local skills development and economic activity in the communities where the projects are located.