MPC Energy Solutions (MPCES) and Akuo Energy have started construction of 26.55MW Parque Solar Planeta Rica solar photovoltaic (PV) project in Colombia.

Both the companies are the equity sponsors in the project, which involves an investment of around $24m.

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Colombian commercial bank Bancolombia has provided the debt financing for the project.

The Parque Solar Planeta Rica solar project is anticipated to commence operations in early third quarter of 2022.

Once operational, the project is expected to generate enough electricity to power more than 10,000 households in Colombia while offsetting over 4,000 tonnes of CO2 annually.

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It is expected to create more than 200 jobs during the construction phase.

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The electricity generated by the solar power project will be sold to an unnamed regional utility under a 15-year power purchase agreement (PPA).

MPCES stated that the Parque Solar Planeta Rica project is the second PPA signed project within the MPCES portfolio in Colombia.

The Los Girasoles solar project was the first project which signed PPA earlier this year.

MPCES CEO Martin Vogt said: “The start of the construction of the Planeta Rica project in Colombia is another important step forward for MPC Energy Solutions, executing on our significant project pipeline as outlined at the time of our IPO in January 2021.

“Our plan is to build up an operational portfolio as a leading independent power producer (IPP) with a highly diversified portfolio and attractive rates of return.

“We are highly dedicated to Latin America, and Colombia is a particularly attractive market, having the strongest growth rate for renewable energy in the region.”

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MPCES and Akuo Energy begin construction of 26.55MW Parque Solar Planeta Rica. Credit: PublicDomainPictures from Pixabay.