Colombia's Celsia to buy 218-MW wind project in expansion to Peru

Colombian power company Celsia announced on Friday that it has signed an agreement to acquire a 218-MW wind farm project in Peru in a transaction that will mark its debut in the country.

The group will take over the USD-240-million (EUR 220.2m) Caraveli project in a pre-construction stage from Spanish renewables developer Ibereolica Renovables under undisclosed terms. Celsia said that it will finance the development using a portion of the proceeds from the recent sale of some its operations in Central America.

The parties expect to finalise the deal before the end of 2023.

The wind farm will be situated in Caraveli province, within the Arequipa region of Peru. Celsia intends to start construction as soon as the deal closes. It said it would leverage the equipment and existing agreements with suppliers it initially retained for wind projects in La Guajira, Colombia, which experienced delays.

The Caraveli wind farm is expected to commence operation in the second half of 2025.

The endeavour will enable Celsia to broaden its geographical footprint, which currently encompasses native Colombia, as well as Panama, Costa Rica and Honduras.

Celsia’s CEO Ricardo Sierra highlighted that Peru offers favourable conditions for investment, macroeconomic stability, attractive natural resources for the renewables development, remuneration in dollars and growth possibilities for future portfolio expansion.

(USD 1.0 = EUR 0.918)

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