Enerfin Secures $57 Million Financing for Solar Project in Colombia
April 26, 2023 at 10:13 am EDT
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Enerfin, a developer of wind and solar projects, secured a loan of $57 million for the construction of a 129 MW of photovoltaic plant in Colombia.
In securing this operation, Enerfin has been assisted by Helm Banca de Inversion to structure the financing provided by two Colombian banks belonging to Grupo Aval, namely Banco de Bogota and Banco de Occidente, themselves assisted by the Banca de Inversion de Corficolombiana.
The solar project will produce around 263 GWh annually, avoiding the release of 132,480 tonnes of carbon dioxide each year.
Jose Castellanos, General Manager at Enerfin, said, ' We are doubly satisfied with this project, firstly for having achieved Enerfin's first investment in Colombia and secondly for having secured this loan to finance a large percentage of said investment. Furthermore, Grupo Aval's trust in Enerfin shows, once again, the interest that investors have in this type of project and reinforces the appeal of our group as a significant international player in the sector. '
Luis Carlos Sarmiento Carvajal, Deputy Chairman of Banca de Inversion de Corficolombiana, remarked, ' We are proud to have achieved this milestone by assisting Banco de Bogota and Banco de Occidente in the funding of the first photovoltaic energy project financed 100% by Grupo Aval banks and to be able to contribute to the growth of this industry in the country. It is totally in our interest to promote and continue participating in this type of renewable energy project. Likewise, it is a pleasure to help a quality sponsor such as Enerfin and the Elecnor Group in the development of their renewable energy project portfolio in Colombia. '
According to Mercom's Q1 2023 Solar Funding and M&A report, announced large-scale project funding in Q1 2023 came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. YoY, large-scale project funding declined 41% compared to $9.1 billion announced in 36 deals in Q1 2022.
Clearway Energy Group, a developer and operator of clean energy projects in the U.S., recently announced the closing of financing for two utility-scale solar and storage projects in Riverside County, California. The Victory Pass and Arica solar projects will generate 463 MW of combined clean energy capacity and 186 MW of battery storage which can supply power to roughly 132,000 homes annually.
Banco de Bogota SA is a Colombia-based financial institution engaged in the banking sector. Its businesses are structured into three segments: Personal Banking, Small and Medium-Sized Enterprises (SMEs) Banking and Corporate Banking. Its products and services include current and saving accounts, credit and debit cards, fixed-term deposits, consumer and commercial loans, among others. In addition, it is a member of Grupo Aval Acciones y Valores SA. The Company's operates through three divisions : General - Cars, which is related to loans granted to car purchase; General- Others, which consists of loans to purchase consumer goods other than cars; Credit Card division which includes acquisition of consumer goods used through a plastic card. The Bank owns such subsidiaries as Almaviva SA, Leasing Bogota SA Panama, Megalinea, Banco Bogota SA Panama, Fiduciaria Bogota SA and Bogota Finance Corporation, among others. In addition, it is a member of Grupo Aval Acciones y Valores SA.
BANCO DE BOGOTÁ S.A. 
