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New auction of renewable energy towards the energy transition

Source: IEA/IRENA Renewables Policies Database
Last updated: 28 February 2022

Colombia announced its plan of 3.3 trillion pesos investments by awarding 11 solar projects and providing about 4,800 green jobs through the new renewable auction held on 26th October 2021. 11 solar projects are supposed to meet their energy supply commitments by January 2023 accounting for a reduction of 465 thousand tonnes of CO2 per year, also contributing to reach the country’s emissions reduction target of -51% by 2030. 

 

The 15-year contracts are engaged with nine generating companies and 53 marketers with a weighted average allocation price of 155.8 pesos per kWh. With this new installed capacity, the share of non-conventional renewable energy is expected to go from 0.2% in 2018 to more than 15% in 2023.

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