9 October 2019
Cubico Sustainable Investments (Cubico), a leader and global investor in renewable energy, has announced its plans to create a platform of up to 400 MW of solar PV in Colombia in partnership with Latin American energy company Celsia, an affiliate of Grupo Argos.
The portfolio, which will be developed over the next two years, marks Cubico’s entry into the Colombian market after setting up an office in Bogotá earlier this year. As things currently stand, the platform will be the largest in the country when completed.
Ricardo Díaz, Head of Americas at Cubico, said: “We are proud to have built this alliance in Colombia with Celsia, with whom we share an innovative spirit, strong support for clean energy and a long-term strategy. This milestone consolidates Cubico as a leader in the Americas and will serve as a platform to continue with our growth strategy and value creation in Colombia.”
Francisco Moya, Head of Brazil & Latam at Cubico, added: “Celsia is one of the most important power companies in Colombia and undoubtedly the pioneer of the development of renewables in the country. We hope to continue developing renewable projects in the region through this exciting strategic partnership.”
The partnership will see Cubico providing expertise and best practices in asset management, as well as a multidisciplinary team with expertise in identifying business opportunities to create long-term value, while Celsia offers essential knowledge on the local power sector.
Ricardo Sierra Fernandez, leader at Celsia, commented: “This partnership allows us to join forces with one of the most important renewable energy players in the world and provides new opportunities to continue being the pioneers in Colombia. Cubico is a great ally for us, particularly given its outstanding track record in creating value in the renewable energy sector by developing strong relationships in the sector, evaluating and mitigating risks.”