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Colombia pushes back power auction deadlines

Bnamericas Published: Friday, January 25, 2019

Colombia has extended key deadlines for its first long-term supply auction for non-conventional renewable energy projects as it seeks to drum up greater investor interest.

Participants now have until January 31 to submit documents related to the legal, financial and technical requirements, having earlier been given a January 28 cut-off date.

Investors were also given more time to present financial guarantees, which can now be submitted in pesos or dollars by February 18. The previously scheduled February 26 auction date has been maintained.

"These modifications seek to promote greater participation of buyers and sellers in the auction," the energy ministry's UPME planning unit said in a statement.

The process will offer 1.183TWh a year to bidders via power purchase agreements lasting 12 years. Special incentives are available for non-conventional renewables energy projects in a bid to reduce the country's dependence on hydroelectricity and thermopower.

The projects are due online in December 2021 and will boast combined installed capacity of around 1.5GW, according to UPME.

Updated pre-qualification documents can been be accessed here.

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