Verano Energy, a player in the Latin American renewable energy sector, has acquired three solar projects in Colombia, marking a significant milestone in the company's expansion efforts. The three projects have a combined capacity of 296MWp, adding to Verano's already impressive 3GWp on-grid portfolio in the region. The company also boasts a sizable green hydrogen portfolio, reflecting its focus on diversifying its offerings in the renewable energy space.
According to Dylan Rudney, a representative of Verano Energy, the company's primary focus is to establish itself as a significant player in the Latin American market. Verano has already made significant inroads in Chile, Peru, and Argentina, and the acquisition of the three solar projects in Colombia represents the company's efforts to reactivate its presence in the country.
“Our emphasis has always been on expanding and diversifying our portfolio in the region,” Rudney said. “We continue to deploy capital in our internal portfolio of over 3GWp, and with the acquisition of these projects in Colombia, we see a clear path to further investment in the region.”
Verano's expansion efforts have been driven in part by its transition from a pure solar developer and EPC to an Independent Power Producer (IPP). As an IPP, Verano will own and invest in its projects, signaling a strategic shift in the company's operations.
Verano first arrived in Colombia in 2018, investing in a greenfield solar portfolio that was largely stranded due to regulation issues. The acquisition of the three projects represents a significant opportunity for Verano to expand its operations in the country, with plans to begin construction on the first projects this year and begin operations in 2024.
Verano's acquisition of the three solar projects in Colombia underscores the company's ongoing efforts to establish itself as a leading player in the Latin American renewable energy sector. With a growing portfolio of projects and a strategic focus on diversification and expansion, Verano is well-positioned to drive the region's transition to a cleaner, more sustainable energy future.
