Renewable-Electricity Developer Invenergy Inks Solar, Wind-Power Alliance with EPM
Medellin-based multinational electric power producer EPM announced November 27 an alliance with U.S.-based, global renewable-power developer Invenergy for at least 400 megawatts of solar- and wind-power generation capacity in Colombia.
The alliance will “invest, develop, build, operate and maintain unconventional renewable energy projects in Colombia, specifically with solar and wind technology,” according to a joint announcement from the new partners.
Under the deal, Invenergy will obtain financing with local and international banks, negotiate capacity in the purchase of equipment, contract with the project builders and “use its ability to transform projects into operational assets quickly,” according to EPM.
Thereafter, “EPM will have the option to purchase the [renewable energy] projects built within the framework of the alliance and will market 100% of the electric energy and emission reduction credits of the solar and wind plants,” according to the company.
EPM pioneered wind-power generation in Colombia with its “Jepírachi” project in Colombia’s Guajira region since 2004. More recently, EPM entered solar generation and “intends to continue contributing to the development of these technologies in the country,” according to the company.
For its part, Invenergy has developed more than 24,000 megawatts of capacity through 146 wind- and solar-power projects in the United States, Latin America, Japan and Europe. Among its projects: 96 wind farms with 14,914 megawatts capacity; 30 solar-power farms totaling 3,351 megawatts capacity; and 13 energy-storage units with 260 megawatts capacity, according to Invenergy.
At a press conference announcing the deal, Colombia Energy Minister María Fernanda Suárez stated that “alliances such as the one signed by EPM and Invenergy not only demonstrate the potential of renewable energies in Colombia, but also represent new opportunities for investment and employment for the benefit of the country and regions.”
For his part, Invenergy general manager Michael Polsky added that “our alliance with EPM represents a milestone for Invenergy as we enter the Colombian market and expand our presence in Latin America.”
According to the Energy Ministry, over the last 15 months Colombia’s power-capacity auctions for incorporating future sources of renewable energy into its electricity matrix will boost capacity from less than 50 megawatts (what the city of Ibagué needs) currently to more than 2,200 megawatts of capacity by the year 2022 — equivalent to the total power demand of Medellín, Cali, Cartagena and Bucaramanga combined.