Atlas Renewable Energy has obtained a loan to fund its first solar project, the 160-MWac/201-MWp Shangri-La solar photovoltaic plant located in the Tolima region in Colombia.
Shangri-La Solar Plant Secures Financing
Atlas Renewable Energy, a company owned by Global Infrastructure Partners (GIP), IDB Invest and Bancolombia has secured a long-term financing deal for the development, construction and operation of the 201 MWp Shangri-La photovoltaic plant in Ibagué, Tolima.
IDB Invest and Bancolombia have committed to a financing package, including a senior secured loan totalling 473.77 billion Colombian pesos (approximately 113 million dollars). Meanwhile, PVH will provide solar trackers for the project in Tolima.
According to IDB Invest, Atlas had earlier formed a partnership with Colombian power company Isagen to develop, construct and operate 1,000 MW of solar projects in the coming years. The Shangri-La project is a major part of this collaboration.
Shangri-La Solar Plant to Power 214,000 Homes
The plant is expected to become operational by mid-2025, generating approximately 403.7 GWh annually enough to power around 214,000 homes.
Image: Collected
The report notes that this is the fourth and largest solar plant financed by IDB Invest, a member of the Inter-American Development Bank Group in Colombia. It also marks Atlas Renewable Energy's first solar project in the country.
“This agreement highlights our relationship with IDB Invest, with whom we financed six solar projects in Latin America, and marks our first collaboration with Bancolombia.” said Rubén Borja, Atlas Country Manager in Colombia.
PVH to Supply Solar Trackers for Shangri-La Project
Atlas Renewable Energy and PVH have also announced an agreement for PVH to supply Monoline 2P solar trackers equipped with the ProInsights SCADA system for the Shangri-La project.
"This control system facilitates operation and maintenance work on the ground through continuous monitoring of the operation of the trackers in the solar plant." said PVH.
PVH announces that with this project, it has surpassed 3 GW of solar trackers delivered in Latin America. This milestone aligns with the recent opening of its Houston factory which has a production capacity of 12 GW per year and will supply all its projects across the Americas.