Medellín, Colombia, September 30th, 2021 - 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 (PV) project of 26,55 MWp in Colombia. The project – developed by Akuo - is a joint-venture with MPC Energy Solutions (MPCES), a global provider of sustainable energy.  

 

Planeta Rica, a solar photovoltaic project of 26,55 MWp

Located in the Caribbean Region of Colombia, in the department of Córdoba, 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 CO2 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.  

 

Eric Scotto, Chairman of Akuo says: “Akuo is very proud to take an active role in Colombia with such a robust partner as MPC Energy Solutions. We believe renewable energy is the best way to support Colombia in its path to energy independence and energy security, both needed for a sustainable way of living.”  

Flavia Santoro, President of ProColombia adds: “We welcome this commitment of Akuo in Colombia, this is an example of efficient, responsible and environmentally sustainable investment, clear evidence of the active reactivation that the country is experiencing and that takes advantage of a resource such as the solar radiation that our territory receives. It also opens a new frontier to boost national development, diversify energy sources and reduce CO2 emissions. ProColombia is committed to this with the support of the Ministry of Mines and Energy and the Presidency of the Republic to encourage the arrival of new investments in the sector.”  

Angélica Benedetti Chica, Excutive Director of ProMonteria says: “Córdoba has a great potential in photovoltaic energy thanks to its high annual radiation levels and the arrival of Akuo will make it possible to make the department visible and position it more at the national level on energy issues".