Colombia: A Bright Future for Onshore Renewables
Colombia is at a pivotal moment in its energy transition, with renewables playing a vital role in shaping a sustainable future. As market-leaders in onshore renewables, OWC aims to utilise our global experience to support the country harness its untapped potential.
Signs of Change
In 2024, Colombia is set to make significant strides, with 1,240 MW of renewable energy capacity expected to come online. This expansion represents a 2.5-fold increase in the capacity of non-conventional renewable energy sources (FNCER) compared to current levels, underscoring Colombia’s commitment to diversifying its energy matrix.
Additionally, last year, Colombia saw the commissioning of 25 solar projects, contributing 2,081 MW to the national grid and marking a 70% increase in installed renewable capacity. This growing contribution is now powering the equivalent of a city the size of Bucaramanga, highlighting the impact of renewables on energy access and sustainability. By the end of 2024, the FNCER sector will account for 9% of Colombia’s total installed capacity, a substantial leap from less than 1% just a few years ago.
Looking ahead, Colombia’s renewable energy pipeline remains robust, with an additional 1,800 MW of capacity under development. While most projects are solar, the diverse scale—ranging from 2 MW to over 400 MW—and geographic distribution across key regions such as the Caribbean, Tolima, and Antioquia, demonstrate the sector’s broad appeal and potential.
Roadblocks to Progress
However, challenges remain. Lengthy permitting processes, financial constraints, and regulatory hurdles continue to delay project timelines, with some projects requiring 3 to 6 years to achieve commercial operation. These delays highlight the importance of improving regulatory frameworks and fostering a more efficient project development environment to ensure timely delivery and financial feasibility.
Why Choose OWC?
As OWC, we see a unique opportunity to support Colombia’s renewable energy ambitions. Utilising decades of global experience in onshore wind, solar, and hybrid projects, our team is well-equipped to provide tailored solutions for local developers, financial institutions, and sponsors.
- Developers: OWC can assist with early-stage technical studies, including constructability assessments, geotechnical reviews, and layout optimization, ensuring projects are designed for success from the outset.
- Financial Institutions and Sponsors: By offering independent engineering reviews and due diligence, OWC helps to de-risk projects, providing the confidence needed to secure financing and investment.
- Government and Regulatory Bodies: Leveraging our expertise, OWC can support stakeholders in navigating regulatory requirements and optimizing permitting strategies, ensuring compliance while accelerating timelines.
Contact Our Latin American Team
We’ll be holding a series of meetings in Colombia between the 25th and 27th of November, 2024. Throughout the course of these discussions, we aim to spotlight our industry-leading technical capabilities, regulatory knowledge, and market understanding of the onshore renewables industry in LATAM! ! Our team in attendance includes,
- 👤 Richard Abrams – Director for Onshore Renewables
- 👤 Juan Pedro Montiel – Head of Latin America Onshore Renewables
- 👤 Miguel Lotero – Expert Advisor, Market Relations
Missed us? You can still contact our LATAM team and hear more about our solutions below!