Atlas obtains loan for 201-MWp Shangri-La solar project in Colombia

Atlas Renewable Energy has secured a loan to finance the work on its 160-MWac/201-MWp Shangri-La solar photovoltaic project in the Tolima department of Colombia, its maiden development in the country.

IDB Invest, a member of the Inter-American Development Bank Group, and Colombian lender Bancolombia have agreed to prepare for Atlas a financial package that includes a senior secured loan totalling COP 473.77 billion (USD 110.7m/EUR 100.2m), IDB Invest said on Tuesday.

The financing will support the development, construction and operation of one of the largest solar farms in Colombia. Latin America-focused Atlas acquired Shangri-La earlier this year to formally enter the Colombian market.

Atlas previously struck a partnership with Colombian power company Isagen to develop, build and operate 1,000 MW of solar project in the coming years. The Shangri-La project is a key component of that partnership, IDB Invest said.

(COP 1,000 = USD 0.234/EUR 0.212)

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