Scatec Secures Financial Close And Starts Construction On 130 MW Barzalosa Solar Plant In Colombia With 15-Year PPA With BTG Pactual

Scatec ASA, a leading provider of renewable energy solutions, has reached financial close for its 130 MW Barzalosa solar plant in Colombia and has officially begun construction. The project has secured a 15-year Power Purchase Agreement (PPA) with BTG Pactual Comercializadora de Energía, part of the Brazilian financial group Banco BTG Pactual S.A.

Under the agreement, approximately 85% of the plant’s anticipated electricity output will be sold to BTG, while the remaining production will be supplied to the Colombian electricity market. The PPA is denominated in Colombian Pesos and includes inflation adjustments tied to the country’s Producer Price Index.

“Financial close represents a significant milestone for the Barzalosa project in Colombia,” said Terje Pilskog, CEO of Scatec. “With a strong financing structure and a long-term PPA in place with a reliable offtaker, the project is well-positioned to move forward with construction and delivery. We are proud to contribute to Colombia’s transition to clean energy.”

Scatec owns 65% of the project’s equity, with the remainder provided by Norfund. The total capital expenditure for the Barzalosa plant is estimated at USD 121 million, financed through a combination of non-recourse debt and equity with roughly 70% leverage. The senior lenders for the project are Bancolombia and Financiera de Desarrollo Nacional (FDN).

Scatec serves as the lead developer and will act as the Engineering, Procurement, and Construction (EPC) provider, covering approximately 70% of the project’s capex. In addition, Scatec will oversee Operations & Maintenance (O&M) and Asset Management (AM) for the plant. The Barzalosa solar facility is expected to reach its Commercial Operation Date (COD) in the first half of 2027, contributing significantly to Colombia’s renewable energy capacity and supporting the country’s shift toward sustainable power generation.