Patria Investments, a leading alternative asset manager in Latin America, has secured COP 1 billion (approximately USD 260 million) in financing to develop “Puerta de Oro,” a 358-megawatt (MW) solar energy plant in Colombia’s Cundinamarca Department. This marks the largest debt financing for a photovoltaic project in the country’s history.
The financing consortium includes Bancolombia, Banco de Occidente, Banco de Bogotá, and the National Development Finance (FDN). Once operational, the plant is expected to reduce CO₂ emissions by approximately 361,000 tonnes annually, enhancing Colombia’s energy security and contributing to environmental sustainability.
Covering over 900 hectares, Puerta de Oro will become Colombia’s largest solar park, strategically located near major energy demand centers such as Bogotá and Medellín. The project includes the construction of a 22.4-kilometer transmission line to facilitate energy distribution.
Leading law firm Cuatrecasas advised Patria Investments on the project’s structuring and financing. Ana María Sánchez, a partner at Cuatrecasas, highlighted the project’s complexity, noting it involved multiple construction and maintenance contracts, equipment supply agreements, and coordination with ISA Intercolombia. She stated, “It is also the first time that a project with a multicontract framework of this type secures financing under the project finance model in Colombia.”
This initiative aligns with Colombia’s broader efforts to diversify its energy matrix and promote renewable energy sources, reflecting a significant step toward sustainable development in the region.
