CALI, Colombia – IDB Invest, DUE Capital and Services, BBVA, Bonus Gestión de Activos y Financiera de Desarrollo Nacional (FDN) signed a memorandum of understanding to support the development and financing of two solar projects across Colombia’s Amazon region. This agreement was announced today during the United Nations Conference on Biodiversity (COP16).

The initiative will build two solar energy plants with battery storage, “Centenario” in Puerto Leguizamo (Putumayo) and “Matakavi” in Mitú (Vaupés). These plants will provide clean energy 24 hours a day, reducing the need for diesel generators. The total cost is approximately $40 million, with a capital contribution of $4 million from IDB Invest.

The project will greatly improve the quality of life of local communities, in particular indigenous communities, by providing access to clean and reliable energy. By avoiding the use of approximately 2.21 million gallons of diesel per year, it will reduce greenhouse gas emissions, improve air quality and support the environmental health of the region.

DUE Capital and Services, the main sponsor of this initiative, brings more than a decade of experience in renewable energy development, with a strong focus on supporting remote areas of the Amazon region. The company offers sustainable energy solutions that directly improve the lives of local communities and, at the same time, contribute to Colombia's national energy transition objectives.

In addition to the main partners, key actors such as BBVA, Bonus Gestión de Activos and FDN also participate in the financing of these projects, promoting a collaborative approach that enhances its impact. By leveraging a wide range of specialized knowledge, this collaboration maximizes the social and environmental benefits of projects.

IDB Invest is committed to promoting innovation in financial solutions to close financing gaps related to climate change and biodiversity in the region. This initiative marks a significant step towards a more sustainable and prosperous future for the Colombian Amazon.

The solar energy plants are expected to contribute to the following Sustainable Development Objectives (SDGs) of the United Nations: Affordable and Clean Energy (SDG 7), by providing reliable renewable energy to remote communities; Climate Action (SDG 13), by reducing dependence on fossil fuels; and Life of Land (SDG 15), by promoting biodiversity and protecting ecosystems in the Amazon region.

About IDB Invest

IDB Invest is a multilateral development bank committed to promoting the economic development of its member countries in Latin America and the Caribbean through the private sector. IDB Invest finances sustainable companies and projects to achieve financial results and maximize economic, social, and environmental development in the region. With a portfolio of $21 billion in assets under management and over 394 clients in 25 countries, IDB Invest provides innovative financial solutions and advisory services that meet the needs of its clients in a variety of industries. Visit our website idbinvest.org.

About DUE Capital and Services SAS 

Local developer and investor of renewable energy in Colombia with more than ten years of experience in remote areas, we believe that the way a country develops, prospers and fights against inequality is to rely on reliable essential services, economic and sustainable. DUE Capital works in energy, which is the most necessary transversal essential service. Red and red portfolios are very diversified, both in size and geographic location.

About BBVA 

BBVA in Colombia is the main foreign investor in the Colombian financial system and the fifth in the country. It has a presence in the national territory through 340 branches and 1,485 automatic tellers. It has 5.5 million customers and 6,000 employees, of which around 60% are women. Manages initiatives that contribute to the economic and social development of the country. During the first half of 2024, the entity mobilized resources for more than four thousand million pesos in sustainable financing.

About Bonus Gestión de Activos

Bonus Gestión de Activos is a Colombian asset manager and private equity fund administrator. A local reference in the infrastructure and energy industries, Bonus manages the Bonus Private Capital Fund, a private capital fund committed to obtaining attractive returns adjusted to the medium and wide range, through investments in variable and variable income instruments.

About Financiera de Desarrollo Nacional (FDN) 

Financiera de Desarrollo Nacional is a specialized, technical and independent development bank, which works under a private regime to increase liquidity in the infrastructure sector. The primary objective of FDN is to provide innovative solutions for infrastructure and energy projects to overcome financing barriers, achieve competitive sources of long-term financing and mitigate refinancing risks. Its shareholders include Grupo Bicentenario, IFC, Sumitomo Mitsui Banking Corporation and CAF. Having the support of the multilaterals and the Japanese private bank as shareholders, strengthens the autonomy of FDN by incorporating the best international practices and a solid corporate governance, as well as a solid technical capacity and financial muscle to boost the financing of the country's infrastructure projects.