Akuo Starts Construction of Solar Power Plant in Colombia
Strategic Research Institute
Published on :
05 Oct, 2021, 6:30 am
After the signing of the debt and equity financing early August, Akuo, an independent global renewable energy power producer and developer, announced to have started construction of Parque Planeta Rica, a solar photovoltaic project of 26,55 MWp in Colombia. The project, developed by Akuo, is a joint-venture with MPC Energy Solutions, a global provider of sustainable energy.
Located in the Caribbean Region of Colombia, in the department of Cordoba, the Planeta Rica plant will have an installed capacity of 26.55 MWp, while delivering enough electricity to power approximately 25,000 households in Colombia. Once commissioned, the plant will avoid the emission of over 9,000 tons of C02 each year of operation and provide a sustainable and local source of clean electricity. The project will benefit from a 15-year Power Purchase Agreement (PPA) with Celsia, the company of Grupo Argos (rating AAA by FitchRatings).
The solar plant will help the country to diversify its electricity mix which currently depends heavily on hydropower vulnerable to extreme climate conditions and fossil fuels. The solar plant is projected to reach operational status in Q2 2022.
Akuo and MPCES are the equity sponsors whereby the debt financing is provided by Bancolombia. The construction of the solar plant will be performed by the Consortium Planeta Rica, formed by SOCOLCO S.A.S. and Mota-Engil Colombia S.A.S, during this phase the project will employ more than 150 people and 80% of the non-qualified work force will come from the local communities.