Project detail - Patrimonio Autonomo La Union

Patrimonio Autonomo La Union

Status: Approved investment
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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

Solarpack Corporación Tecnológica S.A.U. (“Solarpack” or “the Client”), is a multinational IPP developer with presence in Europe, North American, Latin America, Asia and Africa. Its purpose is to accelerate the transition to clean and affordable energy for all. To this end, they generate ‘products and services’ in the field of clean energy. Solarpack was founded in 2005 as one of the first pure solar PV developers and independent power producers in Spain. Solarpack has developed about 1,151 MW and built 894 MW of PV plants, and operates 916 MW of installed capacity in 6 countries, 3 of which FMO has focus on (Peru, Colombia and India) .

What is our funding objective?

The facilities will be used for the construction of two PV solar plants (each a “Project”) with a total installed capacity of 252 MWp, La Mata (108.3 MWp) located in the Municipality of La Gloria, Cesar and La Union (144.5 MWp) located in Montería, Córdoba, including associated facilities like transmission lines and related civil works, including access roads, substations, or other works needed to supply the energy produced. Total project costs are approximately COP 785 billion (USD ~180mln). These projects will provide a significant increase of the renewable energy capacity of Colombia, a country in which renewable sources accounts only for 1% of the total energy generation.

Why do we fund this investment?

This transaction fits well within FMO energy strategy of promoting clean energy, as the loan will be used for 100% green power generation projects. Also, our additionality comes from providing long term (local currency) financing with appropriate tenors for renewable energy projects, that are scarce in the country.

What is the Environmental and Social categorization rationale?

FMO E&S category for this transaction is B+, reflecting contextual risks and risks related to supply chain, occupational and community health and safety, waste management, potential biodiversity and cultural heritage impacts. The following IFC Performance Standards are applicable for this investment: IFC 1-6 and 8. The following IFC PS is not considered applicable: - IFC PS7: neither the Environmental and Social Assessment nor IDB’s DD identified any people qualifying as Indigenous being impacted by the project.

Latin America & The Caribbean
Financial Institutions
Publication date
Effective date
Total FMO financing
USD 10.12 MLN
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)