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The operation is an investment loan concerning the construction of two solar PV projects, Guayepo III and Atlantico, in Colombia.
The aim is to support the development of the European private sector in energy infrastructure and climate change mitigation beyond the Union's borders. By facilitating renewable energy investments in Colombia, the initiative will contribute to advancing climate change mitigation efforts. Additionally, the project will contribute to EU policy objectives with regard to combating climate change and supporting sustainable development, in line with the EIB's climate action lending objectives. The operation will also contribute to the achievement of the Sustainable Development Goals (SDGs), to which both the EU and the EIB are fully committed. In particular, it is expected to support Goal 7, "Ensure access to affordable, reliable, sustainable, and modern energy for all," and Goal 13, "Climate Action."
The project will generate environmental benefits by supporting new renewable energy generation capacity that help to mitigate climate change. If the renewable energy plants were located within the EU they would fall under Annex II of the Environmental Impact Assessment (EIA) Directive 2011/92/EU (as amended by 2014/52/EU), requiring the competent authorities to determine whether EIAs are required. Following Colombian national legislation, an Environmental and Social Impact Assessment (ESIA) is required for such projects and has therefore been has been carried out by the promoter. The related processes and their conclusions will be assessed during the appraisal. The project is expected to contribute to climate action and environmental sustainability (CA&ES) objectives, in particular to climate mitigation and pollution prevention.
The promoter shall ensure that the project implementation will be done in accordance with the EIB's Guide to Procurement.