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Colombia officially launched a new law that incentivizes local development of unconventional renewable energy projects and related research.
The legislation creates tax and tariff incentives for research and investment and the importation of unconventional renewable energy technology and equipment, the law's author, senator José David Name Cardozo, said Tuesday in a press release.
Colombia's heavy reliance on large-scale hydroelectric plants harms the environment and puts energy supplies at risk from climate events such as El Niño, Name Cardozo said.
Developing unconventional renewable energy resources will protect the environment while diversifying and strengthening Colombia's energy matrix, he added.
Colombia is currently developing unconventional renewable energy projects including the 99MW Irraipa wind project in northeastern La Guajira department and the 19.9MW Awarala solar project in northern Sucre department.
BNamericas will host its fourth LatAm Power Generation Summit in Santiago, Chile, on August 13-14. Click here to download the agenda.