COLOMBIA – Enel, an Italian conglomerate specializing in electricity and gas, has secured a substantial US$300 million loan from the International Finance Corporation (IFC).
This funding is earmarked to bolster its energy distribution endeavors in Bogotá and Cundinamarca, Colombia.
The allocation of this loan will focus on multifaceted initiatives. It aims to construct new infrastructure, fortify and expand the energy distribution grid, foster the development of electric mass transit systems within Bogotá and the surrounding Cundinamarca area, and drive forward digitalization efforts.
Part of this investment is slated for the Bogotá-Region 2030 project, geared towards facilitating electrification and the expansion of the network.
The reinforcement of the high-voltage electrical system involves the construction of substations, extending 4.1 kilometers of high-voltage lines, and laying down 50 kilometers of medium-voltage networks.
These strategic investments are designed to fortify the nation’s infrastructure against adverse weather conditions while substantially enhancing network reliability.
Moreover, this financial infusion is poised to bolster the electric mobility system in the capital by extending 90 kilometers of medium-voltage networks and 7 kilometers of high-voltage lines.
These upgrades will not only elevate air quality but also actively contribute to the decarbonization of the transportation sector.
Elizabeth Martínez de Marcano, IFC Director for Colombia, Mexico, Central America, and the Caribbean, affirmed the commitment to supporting electricity supply decarbonization while fostering resilient electricity systems through digitalization and intelligent energy storage.
She highlighted the significant contribution of this partnership with Enel Colombia to their sustainability and climate mitigation strategy in Colombia and Latin America.
Enel, in its forward-looking strategy announced in November 2023, emphasized a cautious approach towards renewable energy spending while prioritizing investments in grids.
Over the 2024-2026 period, the company anticipates a substantial gross capital expenditure of €35.8 billion, with €18.6 billion directed towards grid enhancements.
In another significant development, IFC has forged an agreement with the Barbados government to establish the country’s inaugural utility-scale onshore wind farm.
Acting as the lead transaction advisor for the 30MW to 50MW Lamberts wind project, IFC’s involvement underscores a total estimated investment of US$80 million.
This project, set in the northeastern part of the island, will operate under a public-private partnership model, engaging private-sector sponsors through a competitive tender process.
This shift towards involving private enterprises in renewable energy development signals a growing trend in the Caribbean region.
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