- The financing will back two solar photovoltaic projects in the Atlántico region.
- The Guayepo III and Atlántico solar projects will generate approximately 548 GWh and 529 GWh of clean energy per year, respectively.
- The combined output will be enough to supply renewable electricity to over 1.5 million people.
EIB Global, the international partnerships and development arm of the European Investment Bank (EIB), and Enel Colombia S.A., part of the Italian Enel Group, announced a loan of up to $200 million to finance two new solar projects in the Atlántico region of Colombia at the EU-CELAC (Community of Latin American and Caribbean States) summit today. The Guayepo III and Atlántico projects will help Colombia increase renewable energy supply, reduce emissions and support the country’s climate goals. An initial disbursement of $100 million was completed in July, with the remaining amount expected to be disbursed over the coming months. These projects will strengthen Colombia’s renewable energy capacity, reduce emissions and advance the country’s climate and energy transition goals.
Expanding clean energy in Colombia
The project forms part of an ambitious solar cluster of around 1 GW in the region, including the previously financed Guayepo I&II project. Guayepo III (180 MWac) and Atlántico (180 MWac), both under construction, will strengthen Colombia’s renewable energy capacity and help diversify the electricity supply. The loan is partially guaranteed by SACE S.p.A., the Italian Export Credit Agency, with backing from the Italian government for 50% of the exposure. This ensures financial security and attracts private sector participation, while supporting European companies’ involvement in Colombia’s energy transition.
Once fully operational, Guayepo III and Atlántico will produce around 548 GWh and 529 GWh of clean energy a year, respectively.
“The EIB is a key partner for Colombia and Latin America and the Caribbean. With this project, we will help reduce emissions and provide a cleaner and safer energy supply that will benefit more than 1,500,000 Colombians,” said the President of the EIB, Nadia Calviño.
“By supporting the Guayepo III and Atlántico solar projects, the EIB is helping Colombia accelerate its clean energy transition while promoting sustainable growth and local development. These projects showcase how the EIB contributes to reliable, low-carbon electricity for communities, generate jobs, and strengthen regional energy resilience,” said EIB Vice-President Ioannis Tsakiris.
Contributing to economic development and local employment the region
With the construction of the Guayepo III and Atlántico solar parks, more than 1 000 person-years of temporary and more than 100 full-time permanent jobs are expected to be created, contributing to economic development and local employment, especially in the municipalities of Ponedera, Sabanalarga and Usiacurí, where hiring local labour will be prioritised.
Environmental, social and economic benefits
The project will increase renewable electricity generation, supporting Colombia’s climate and energy goals, while fostering European private sector participation in the country’s energy transition. It will also promote sustainable development and socioeconomic growth in the regions served. By enabling a cleaner energy supply and supporting European technology, this operation contributes to long-term climate action, regional decarbonisation and the EU Global Gateway objectives in Latin America.
Background information
About EIB Global:
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that pursue EU policy objectives.
EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of the Global Gateway. It aims to support €100 billion of investment by the end of 2027. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world. Photos of EIB headquarters for media use are available here.
About EIB Global in Latin America:
EIB Global has been providing economic support for projects in Latin America and the Caribbean since 2022, facilitating long-term investment with favourable conditions and providing the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America in 1993 and the Caribbean in 1978, it has provided total financing of more than €17 billion to support around 350 projects in 30 countries in the region.
About the Global Gateway Investment Agenda:
EIB Global is a key partner in the implementation of the European Union’s Global Gateway Investment Agenda, supporting sound projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors. Investing in connectivity is at the very heart of what EIB Global does, building on the Bank’s 65 years of experience in this domain.
About Enel:
Enel is a multinational power company and a leading integrated player in the global power and renewables markets.*
At global level, it is the largest renewable player, the foremost electricity distribution network player by number of grid customers served and the biggest retail operator by customer base. Enel is present in 28 countries worldwide, producing energy with more than 92 GW of total capacity.
Enel Grids, the Group’s global business line dedicated to the management of the electricity distribution service worldwide, delivers electricity through a network of 1.9 million kilometres with approximately 69 million end users. Enel’s renewables arm Enel Green Power has a total capacity of more than 67 GW and a generation mix that includes wind, solar, geothermal and hydroelectric power, as well as energy storage facilities, installed in Europe, the Americas, Africa, Asia and Oceania. Enel X Global Retail is the Group’s business line dedicated to customers around the world with the aim of effectively providing products and services based on their energy needs and encouraging them towards a more conscious and sustainable use of energy. Globally, it provides electricity and integrated energy services with more than 54 million customers worldwide, offering flexibility services aggregating 9.8 GW, managing around 3 million lighting points, and with 30 500 owned public charging points for electric mobility.
*Enel’s leadership in the different categories is defined by comparison with peers’ fiscal year 2024 data. Peers’ perimeter: listed companies, excluding companies with predominant state control.